Cheong Wa Dae accused of pressuring state bank to remove KT&G chief
Shin Jae-in / Screengrab of YouTube
By Jung Min-ho
A former government official claimed that Cheong Wa Dae pressured a state bank to change the leadership of local tobacco maker KT&G.
Shin Jae-in, who worked at the Ministry of Economy and Finance from 2014 to July this year, claimed the ministry ― at the presidential office's request ― pressured Industrial Bank of Korea, the second-largest shareholder of KT&G, to oppose the reappointment of its CEO Baek Bok-in at a shareholders’ meeting early this year.
Shin claimed he leaked the documents about the ministry’s plan to broadcaster MBC, which broke the story in May.
In a YouTube video, he said he felt “ashamed” of being part of the administration that was “abusing” its power. “That’s why I quit,” he added.
The ministry denied his allegations, saying he was not in a position to know such information.
IBK did oppose Baek’s reappointment, but he was kept on as KT&G CEO anyway.
Check the video here: