Political Affairs Committee adopts KB Financial Chairman Yoon Jong-kyu and Korea Investment & Securities CEO Jung Il-moon as witnesses for audit

On the 17th, at the Financial Supervisory Service in Yeouido, Seoul, Committee Chair Baek Hye-ryun is striking the gavel during the National Assembly inspection of the Financial Supervisory Service held by the Political Affairs Committee. Photo by Kim Hyun-min kimhyun81@

On the 17th, the National Assembly's Political Affairs Committee held a plenary session and additionally selected 12 witnesses and 1 reference person for the national audit, including Yoon Jong-kyu, Chairman of KB Financial Group, and Jung Il-moon, CEO of Korea Investment & Securities.

Chairman Yoon Jong-kyu was requested to appear and testify at a comprehensive audit on the 27th targeting the Financial Services Commission and the Financial Supervisory Service, regarding recent issues such as embezzlement, internal control failures, excessive net interest margin (the difference between loan interest rates and deposit interest rates) profits, and corporate governance.

Jung Jong-pyo, CEO of DB Insurance (for fintech information theft), Lee Sung-jae, CEO of Hyundai Marine & Fire Insurance (non-payment of indemnity insurance for children with developmental delays), Kim Kyung-bae, CEO of HMM (management diagnosis related to Industrial Bank of Korea support), and Peter John Schwaller, CEO of Schindler Holdings (suspected collusive trading with a specific private equity fund) are also scheduled to testify on the same day.

CEO Jung Il-moon was selected as a witness for a comprehensive audit on the 26th targeting the Fair Trade Commission and others, regarding technology theft and fairness in recruitment.

Naver CEO Choi Soo-yeon and Naver Biz's Chief Independent Company (CIC) CEO Lee Sang-cheol were approved as witnesses at the Fair Trade Commission's national audit on the same day, concerning unfair contracts with tenant companies and theft of knowledge and technology from venture small business owners.

Lee Dong-hyung, CEO of BKRL, the headquarters of Burger King, was selected as a witness regarding allegations of power abuse against franchise owners. Lee was originally scheduled to attend the Financial Supervisory Service audit that day but did not participate due to COVID-19 infection.

Hyundai Construction CEO Yoon Young-jun is scheduled to appear as a witness at the Fair Trade Commission audit regarding violations of the Subcontracting Act. Lee Joon-gyu, Vice President of the affected party Seogwang General Development, will testify as a reference person.

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