Lee Chanjin: "Many Unusual Aspects in BNK Financial Chairman Appointment... Ad Hoc Inspections If Needed"
Financial Supervisory Service Instructs BNK Group to Strengthen Internal Controls
On October 21, Lee Chanjin, Governor of the Financial Supervisory Service, commented on the process of appointing the chairman of BNK Financial Group. He stated, "While the formal procedures may appear to be legally valid under the current circumstances, if there are any potential issues, we will correct them through ad hoc inspections."
Governor Lee made these remarks during the National Assembly's Political Affairs Committee audit on the same day, after Park Beomgye, a member of the Democratic Party of Korea, pointed out procedural legitimacy concerns regarding the appointment of the BNK Financial Group chairman. Lee responded, "There are many unusual aspects," and made the above statement.
Assemblyman Park criticized, "The period during which candidates could apply was only four days, and even the fact that applications were being accepted was kept secret from the employees. Is it appropriate to conduct such an important process as appointing a financial holding company chairman in such an opaque manner?"
Governor Lee replied, "There are indeed many unusual procedural aspects, so we are continuously monitoring the situation. We have already instructed all holding companies to further strengthen internal controls, especially regarding reappointments or third consecutive terms."
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He added, "We have seen cases where, after becoming the chairman of a financial holding company, individuals fill the board with their own people and build a 'trench' around themselves. In such cases, there is no difference from manufacturing companies with owners or listed corporations." He continued, "Since there are concerns that the public nature of finance could be undermined, there will be opportunities to discuss institutional improvements with members of the Political Affairs Committee."
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