Financial Services Commission chairman Chin Dong-soo hinted Monday that Shinhan Financial chairman Ra Eung-chan will be dismissed over his alleged irregularities in the coming months.
Chief regulator Chin, who attended the parliamentary audit on the FSC at the National Assembly in Seoul, said regulators would hold the Shinhan chief accountable after carrying out the scheduled annual probe into the financial groupnext month.
Asked about the possibility of policymakers’ intervention in the financial group’s management, Chin said, “Those (new management) with reasonable rights and responsibilities will be appointed (as the next chairman).”
He added that the FSC would try to cut off the possibility that figures dispatched by the government will control Shinhan Financial, whose top three figures are under criminal investigation.
After Chin’s remarks, the possibility that regulators will call for the group to dismiss or suspend incumbent chairman Ra is growing.
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