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The Korea Herald
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THE INVESTOR
March 29, 2024

Finance

Reform-driven SNU professor tapped to lead FSS

  • PUBLISHED :May 04, 2018 - 14:23
  • UPDATED :May 04, 2018 - 14:23
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[THE INVESTOR] The Korean government announced on May 4 that Seoul National University professor Yoon Suk-heun has been tapped to take over as governor of the Financial Supervisory Service.

This follows the resignation of incumbent Kim Ki-sik, who is nicknamed Chaebol Sniper, on April 16 less than three weeks after taking charge following allegations of impropriety.

 

Seoul National University professor Yoon Suk-heun



Kim’s predecessor Choi Heung-sik also served only six months and resigned due to his involvement in hiring irregularities while serving as president of Hana Financial Group.

Observers see the latest appointment as the government’s commitment to reignite reforms in the financial sector. Yoon was a financial advisor to President Moon Jae-in during his presidential election. He helped Moon shape the reform plan of financial authorities.

He is currently the head of Finance Administration Innovation Committee comprising financial experts from various backgrounds -- that advises the Financial Services Commission.

The committee recommended some progressive measures to the financial regulator such as imposing penalties on Samsung Group head Lee Kun-hee’s borrowed-name accounts and appointing employees-backed board of directors for private financial companies.

Yoon faces various tasks including coming up with measures against Samsung Securities’ dividend payout mistake in which it mistakenly deposited 2.8 billion non-existent company stocks in employee accounts and hiring scandals of the country’s major banks including Woori Bank, KB Kookmin Bank and KEB Hana Bank.

By Park Ga-young (gypark@heraldcorp.com)

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