Taekwang Union "Kim Ki-yu Former Chairman Must Be Immediately Detained and Severely Punished"

The Taekwang Group affiliate labor union council (union) stated, "Kim Ki-yoo, former chairman of the Taekwang Group Management Council, who is under prosecution investigation for allegations of ordering unfair loans, committed workplace power abuse and personnel manipulation while managing the group," and "We strongly demand his immediate arrest and severe punishment."

Kim Ki-yu, former Chairman of the Taekwang Group Management Council. Photo by Yonhap News

On the 13th, Park Young-dae, chairman of the Taekwang Industrial Petrochemical Union, said in front of the Heungkuk Life Insurance Building in Jongno-gu, Seoul, "Kim's inhumane abusive language and insults were so well known within the company that no one was unaware," adding, "Countless employees have left the company suffering from his oppression and power abuse."

The Heungkuk Life Insurance Union emphasized in a statement, "All members suffered extreme mental distress due to Kim's arbitrary personnel decisions and unfair work orders," and "Some employees were driven to tragic situations leading to extreme choices."

Kim's misconduct includes ▲ introduction of unjustified personnel systems ▲ indiscriminate disciplinary actions ▲ large-scale workforce reductions without notice ▲ non-payment of performance bonuses ▲ forced dismissal of a large number of executives.

Kim is under investigation for allegedly ordering a loan worth approximately 15 billion KRW to be executed in August last year by Lee (65), the CEO of a real estate development company and an acquaintance, through Lee (58), then CEO of the group affiliates Goryeo and Yegaram Savings Banks.

The prosecution received a report from a law firm conducting an external audit of Taekwang Group in November last year and launched an investigation, indicting Lee and former CEO Lee in July. Kim served as the second-in-command managing the group after former Taekwang chairman Lee Ho-jin was imprisoned in 2011.

This content was produced with the assistance of AI translation services.