Shinhan chairman to receive penalty for violating rules

Shinhan Financial Group chairman Ra Eung-chan’s 51-year career looks likely to end because of an alleged violation of real-name account laws as authorities appear poised to take stern action. 

The Financial Supervisory Service is set to penalize the 71-year-old banker after reportedly finding evidence to prove an allegation against him, which was highlighted in the wake of the internal feud at Shinhan Financial.

On Thursday, the regulator notified the financial group of its decision to reprimand the chairman. The watchdog is now said to be fine-tuning the penalties to be handed down to Ra in the coming weeks.

This could mean that the FSS, which has recently reinvestigated the allegation following its initial probe last year, is convinced of Ra’s violation of the law this time.