President Moon accepts resignation of top financial regulator

Lim Chang-won Reporter Posted : 2018-03-14 08:57 Updated : 2018-03-14 08:57
글씨작게 글씨크게

[Yonhap News Photo]

SEOUL -- President Moon Jae-in has accepted the resignation of South Korea's top financial regulator who has been involved in alleged hiring irregularities while serving as a commercial bank chief, the president's office said Wednesday.

The resignation of Financial Supervisory Service (FSS) head Choe Heung-sik came amid public calls for the elimination of irregularities in job recruitment. Some banks have been accused of recruiting job seekers using ties to top executives.

In South Korea, the watchdog supervises financial institutions and plays a key role in corporate restructuring. 

There have been allegations that as Hana Financial Group chief in 2013, Choe
asked Hana Bank to hire the son of his friend. Choe, who took office last September,  denied any wrongdoing but he offered to resign Monday to take moral responsibility. 

Choe became the first minister-level official to be sacked since Moon took office in May last year. The liberal leader has promised to introduce a fair society by eradicating corruption and wrong practices.