FSS chief denies wrongdoing

By Jhoo Dong-chan

Financial Supervisory Service (FSS) head Kim Ki-sik claimed Sunday he did not spend taxpayers' money extravagantly on multiple overseas trips while he was serving as a member of the National Assembly's National Budget and Accounting Committee, indirectly refusing the opposition party's demand he step down.

Despite his statement denying previous allegations, heavy criticism centered on Kim will likely persist since many of his business trips fall short of the high public expectations on the nation's top financial watchdog head.

Financial Supervisory Service head Kim Ki-sik

Kim said his first visit to Uzbekistan between March 24 and 26 in 2014 was to help conclude an MOU deal between the Korea Exchange and the Uzbek government.

“The Korea Exchange requested the National Assembly join its three-day business trip to Uzbekistan for the deal,” Kim said.

“Recognizing its relevance, the National Assembly agreed to join the trip. And I participated in every event during the trip. Under the related law, I did not have to submit a report about expenses during the trip.”

Kim also claimed the trip was not quid pro quo.

“The opposition party insists the Korea Exchange sponsored the trip because I opposed its move to shift itself to a holding company. But the Korea Exchange introduced the related bill about a year and a half after the trip. Their allegations are irrelevant,” he said.

Kim is also facing another criticism for his second paid business trip about a year after the first one. He even took his personal secretary on the trip, and the Korea Institute for International Economic Policy (KIEP) paid all the expenses for their visits to the U.S. and Europe.

Kim also said his second trip between May 25 and June 3 in 2015 was also to oversee the KIEP's sponsorship of foreign academic agencies.

“The KIEP has sponsored the U.S.-Korea Institute at Johns Hopkins and Korea Economic Institute at Washington, D.C., for years, but has not participated in both institutes' operations,” Kim said.

“Some suspected me of having a back-scratching business trip to the U.S. and Europe, but I shut down some of the KIEP budget after the trip.”

Cheong Wa Dae said it won't withdraw it decision to appoint Kim as FSS chief over the allegations.

“We do not have any comment or plans regarding the FSS chief,” a Cheong Wa Dae official said.