Top financial supervisor resigns over political donation

Lim Chang-won Reporter Posted : 2018-04-17 09:14 Updated : 2018-04-17 13:02
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[Photo by Yoo Dae-gil =]

SEOUL -- The top supervisor of banks and financial institutions resigned over political donations, two weeks after he was appointed by President Moon Jae-in to reform South Korea's financial industry.

Moon's office said Tuesday that the president approved the resignation of Financial Supervisory Service (FSS) Governor Kim Ki-sik, respecting a decision by the National Election Commission, which accused Kim of making an illegal political donation while serving as a legislator in 2016.

As a civic group activist advocating social and economic reforms, Kim made his political debut to become a lawmaker in 2012. He allegedly donated 50 million won (46,555 US dollars) to a lawmakers group led by himself in 2016.

Kim insisted he was not involved in any corruption or wrongdoing, but opposition parties demanded his resignation for making overseas trips funded by financial and research institutions. Such trips have been customary in South Korea's political community.

Kim wrote on Facebook that he never thought his donation to a group of lawmakers for policy research and political discussions violated a law. "Despite my resignation, financial, social and economic reforms ... must be pushed forward in spite of any resistance."