‘Main Culprit of Shinhan Debacle’
The Korea Finance Consumer Association (KOFICA) announced on Feb. 1 that it filed a complaint with the Seoul Central District Prosecution Office against Wi Sung-ho, president of Shinhan Card Co., on charges of perjury and subornation of perjury.
The KOFICA said, “During the Shinhan debacle in 2010, Wi planned and executed the Shinhan fiasco as vice president of Shinhan Financial Group and he lied at the prosecutor's investigations and the court of having attempted to cover up for his misconduct and committed subornation of perjury.”
Currently, Wi is considered a strong candidate for the next president of Shinhan Bank. He voluntarily withdrew his nomination for chairman of Shinhan Financial Group on Jan. 19.
The KOFICA said, “We are opposed to Wi being appointed as president of Shinhan Bank, who is the main culprit of the Shinhan fiasco. Shinhan Bank should realize the financial justice and choose a next president who is not disgraceful in its history.”
During the Shinhan feud in 2010, Wi served as vice president of Shinhan Financial Group. At that time, Shinhan Financial Group filed a complaint with prosecutors against then-president Shin Sang-hoon on charges of embezzlement and breach of trustbreach of trust. However, a High Court judge acquitted of most of his charges and only sentenced to a fine of 20 million won (US$17,422). Due to the issue, then-Shinhan Financial Group Chairman Ra Eung-chan, then-Shinhan Bank CEO Lee Baek-soon and then-president Shin all stepped back from the management.
Meanwhile, Shinhan Financial Group is planning to hold an affiliate business management committee by the end of this month and select the next president of Shinhan Bank as Shinhan Bank CEO Cho Yong-byoung is termed out of office in March.