[Lee Jaemyung's Power Man] FSS Chief Lee Chanjin, Who Lent 500 Million Won to the President [Current Affairs Show]

Activities in the 'Labor Law Society' with President Lee Jaemyung
Loaned 500 Million Won to President Lee

■ Broadcast: Asia Economy 'So Jongsup's Current Affairs Show' (Monday to Friday, 4:00 PM to 5:00 PM)

■ Host: Political Specialist So Jongsup ■ Producer: Lee Miri

On the 14th, Lee Chanjin, an attorney who was a classmate of President Lee Jaemyung in the 18th class of the Judicial Research and Training Institute, was appointed as the Governor of the Financial Supervisory Service. Although there had been much speculation about the appointment, his name had not been mentioned, leading to the assessment that this was a "surprise appointment." The Governor of the Financial Supervisory Service is a vice-ministerial-level position, nominated by the Chairman of the Financial Services Commission and appointed by the President. A confirmation hearing is not required. Following Lee Bokhyun during the Yoon Sukyeol administration, another legal professional has consecutively been appointed as the head of the Financial Supervisory Service. A former high-ranking official in the economic sector expressed concern, saying, "This is a position that requires a high level of expertise, so I question whether it is appropriate for legal professionals to take on this role."

Governor Lee was born in 1964 in Seoul. He graduated from Hongik University High School and Seoul National University School of Law. He passed the 28th bar exam (18th class of the Judicial Research and Training Institute). Other notable members of the 18th class include President Lee Jaemyung, Minister of Justice Jung Sungho, Chairperson of the National Education Commission Cha Jeongin, and former lawmaker Cho Eungcheon. Governor Lee has served as Vice President of the Lawyers for a Democratic Society (Minbyun) and Executive Director of the People's Solidarity for Participatory Democracy. More recently, he chaired the Social Affairs Subcommittee 1 of the National Policy Planning Committee, handling welfare policy, among other matters.

Activities with President Lee Jaemyung in the 'Labor Law Society,' and Lending 500 Million Won

During his time at the Judicial Research and Training Institute, Governor Lee was active in the 'Labor Law Society' alongside President Lee Jaemyung and others. He is a "former defense attorney" who represented President Lee in cases such as the Ssangbangwool remittance to North Korea trial. In related industries, there is anticipation that, given his particularly close relationship with the President, he will communicate closely with the presidential office and clearly set the direction for economic and financial policy. It is also expected that, following former Governor Lee Bokhyun, the "Lee Chanjin Financial Supervisory Service" will wield significant influence.

Lee Chanjin, Financial Supervisory Service Governor, is delivering his inaugural address at the inauguration ceremony held on the 14th at the Financial Supervisory Service in Yeouido, Seoul. Photo by Yonhap News

Governor Lee also drew attention for lending 500 million won to President Lee Jaemyung. In 2019, when President Lee was sentenced to the loss of his elected position in the second trial for charges including disseminating false information, Governor Lee lent him 500 million won, using President Lee's house as collateral. It is reported that the loan was repaid with interest the following year. This demonstrates just how close their relationship is, to the extent that they would engage in financial transactions.

Likely to Increase Sanctions for Financial Incidents, Governor Lee: "I'm Not a Showy Person"

What direction will the "Lee Chanjin Financial Supervisory Service" take? The industry expects that sanctions related to financial incidents and crimes harming people's livelihoods will become significantly stricter. Additionally, if a financial incident occurs, there is a high possibility that even senior executives will be held accountable. The President's policy pledges state that "in the event of a financial incident, responsibility will be strictly applied up to the executive level." Furthermore, the agency is expected to actively encourage institutional investors to exercise their voting rights and engage in management participation, as well as to rigorously crack down on unfair trading. There is also analysis that policies will be implemented to expand the supply of venture capital to small and medium-sized enterprises.

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Governor Lee has experience serving on the National Pension Fund Management Committee, which suggests he has an understanding of the capital market, but he does not have direct experience in finance. In response, the Financial Services Commission explained, "He is evaluated as having outstanding ability to perform his duties, having provided legal counsel and conducted litigation on capital market accounting issues for numerous companies, including venture startups and listed companies." Governor Lee, seemingly aware of the criticism, stated, "I'm not a showy person. I am far from someone who flaunts authority. I have no intention of acting like an unqualified practitioner who causes harm, so there is no need for concern."