Hana Financial chief cleared of legal risk as top court backs acquittal

Hana Financial Group Chairman Ham Young-joo delivers a commemorative address at the group’s 20th anniversary ceremony at the group headquarters in central Seoul, Dec. 1, 2025. Courtesy of Hana Financial Group

By Jun Ji-hye

• Published Jan 29, 2026 3:28 PM KST

Hana set to accelerate digital and stablecoin push as legal cloud lifts

Hana Financial Group Chairman Ham Young-joo has effectively shed nearly eight years of judicial uncertainty following the Supreme Court’s ruling in favor of his acquittal Thursday.

With the legal cloud lifted, Ham’s leadership is expected to gain renewed momentum, paving the way for faster execution of key strategies, including expansion into new businesses such as stablecoins and the acceleration of an artificial intelligence (AI)-led digital transformation.

After securing reappointment at a group shareholders’ meeting last March, Ham will serve the remainder of his term through March 2028.

The Supreme Court overturned the appellate court’s guilty verdict on charges of obstruction of business, remanding the case to the lower court with a ruling favoring acquittal.

While the conviction for violating the Equal Employment Opportunity Act was upheld, the penalty amounts only to a fine, which does not affect Ham’s eligibility to serve as chairman. Under the Act on Corporate Governance of Financial Companies, only confirmed prison sentences disqualify executives from holding top management positions.

As a result, Ham will face a retrial solely on the obstruction of business charge. Legal observers widely view the likelihood of a reversal as slim, given the Supreme Court’s clear reasoning.

Ham was indicted in June 2018, while serving as Hana Bank CEO, over allegations that he instructed the bank’s human resources department to favor a specific applicant during the lender’s 2015 recruitment process. He was also charged with violating the Equal Employment Opportunity Act for allegedly directing recruiters to maintain a 4-to-1 male-to-female hiring ratio in the 2015 and 2016 recruitment rounds.

The district court initially acquitted Ham, citing insufficient direct evidence and describing the gender ratio practice as a customary approach not attributable to Ham’s personal decision-making.

However, the appellate court reversed that ruling in November 2023, finding that Ham had improperly intervened in the interview process. It sentenced him to six months in prison, suspended for two years, along with a 3 million won ($2,100) fine, prompting appeals from both the prosecution and Ham to the Supreme Court.

In its decision, the Supreme Court stated, "Appellate courts may overturn factual findings by lower courts only when there are clear errors in evidence assessment or violations of logic and common sense. Such circumstances were not present in this case."

The prolonged legal proceedings had constrained Hana Financial Group’s management, encouraging a cautious approach toward major investments, organizational restructuring and new business initiatives amid concerns over a potential leadership vacuum.

The Supreme Court’s ruling therefore carries broader significance, effectively removing a key constraint on the group’s long-term strategic decision-making.

Attention is now focused on Hana’s digital strategy, including its stablecoin initiatives and AI transformation drive.

The group has been among the most proactive financial institutions in exploring stablecoin-related businesses. In May 2025, it signed a comprehensive memorandum of understanding with global stablecoin issuer Circle and applied for 16 trademarks related to a won-based stablecoin.

More recently, it joined a consortium with BNK Financial Group, iM Financial Group, Standard Chartered Bank Korea and OK Savings Bank to advance collaboration in the field.

"The changes brought by AI would go beyond previous industrial revolutions," Ham said in his New Year's address, signaling his determination to lead a fundamental shift in financial services.

In a statement released following the Supreme Court ruling, Hana Financial Group said, "We will strengthen our focus on financially vulnerable groups, expand productive and inclusive finance, and enhance corporate value and shareholder returns through sustainable growth under a stable governance framework."