IDs Compromised
Shinhan Bank allegedly referred to the personal account information of its customers and employees without their consent.
“Former Shinhan Financial Group Chairman Ra Eung-chan and Shinhan Bank committed illegal acts such as account tracking during their scandal four years ago, and we will charge them,” Democratic United Party lawmaker Kim Ki-shik and the People’s Solidarity for Participatory Democracy said on Oct. 14. Back in 2010, former Shinhan Bank President Lee Baek-sun accused former Shinhan Financial Group President Shin Sang-hoon of embezzlement and misappropriation.
“At that time, the former chairman mobilized certain employees to track accounts for illegal purposes, set former president Shin up, and hide the corruption of former Chairman Ra,” they continued, adding, “The accusation against former president Shin Sang-hoon was designed to hamper the Financial Supervisory Service’s investigation of Mr. Ra’s slush fund, and the personal information of customers, employees, and shareholders in Japan were illegally referred to during that time.”
The Financial Supervisory Service is currently investigating this case. The financial watchdog confirmed the presence of some illegal acts, including account tracking, last year, and was preparing to impose restrictions on Shinhan Bank. “The sanction procedure may take more time for implementation owing to the additional inspection,” it explained.