Labor Union Issues Statement Opposing President Moon's Claim That IBK President Is Not a Political Appointee

President Moon's New Year Press Conference Statement
Union's Rebuttal Statement "Promised to Improve Parachute Appointments During Candidacy"

Yoon Jong-won, President of IBK Industrial Bank of Korea

[Asia Economy Reporter Kim Min-young] President Moon Jae-in dismissed the controversy over the "parachute appointment" of Yoon Jong-won, the newly appointed president of IBK Industrial Bank of Korea, on the 14th, while the bank's labor union issued a rebuttal statement.

The bank's labor union released a statement that day saying, "We did not deny the (president's) appointment authority and hoped for a transparent and fair appointment process," adding, "The president's remark that 'there should be no opposition just because the candidate is not from within' is based on a false premise."

The union further stated, "IBK is a listed company with 46.8% of its shares held by general shareholders including foreigners, excluding the Ministry of Economy and Finance's 53.2% stake," and claimed, "However, the bank still maintains the bank president appointment procedure established in 1961 without any verification by law."

Additionally, the union said, "The IBK labor union is asking why the president has not kept his promise to improve this during his candidacy, but there has been no response from the government or the Blue House."

President Moon answering questions at the New Year's press conference
(Seoul=Yonhap News) Photo by Lee Jin-wook = President Moon Jae-in is answering questions from the press at the 2020 New Year's press conference held at the Blue House State Guesthouse on the morning of January 14, 2020. 2020.1.14
cityboy@yna.co.kr

Earlier, President Moon stated at a New Year's press conference held at the Blue House that Yoon's appointment was not a parachute appointment. President Moon emphasized, "In the past, the government practically intervened in personnel appointments even for private financial institutions and private bank presidents. That is why it was criticized as government-controlled finance and parachute appointments," adding, "IBK is a government-funded policy bank, and the government holds the appointment authority."

Yoon, who is in conflict with the labor union, has not been able to come to the office at the bank's headquarters in Jung-gu, Seoul, for 12 days since his term began on the 3rd. On the morning of the previous day, Yoon held his first management issue review meeting at the restaurant on the 16th floor of the Bankers' Hall in Jung-gu, Seoul, and the labor union held a large-scale forum that same afternoon. The union has completely refused any dialogue with Yoon and is demanding that the Blue House resolve the situation, raising expectations that the labor-management conflict will intensify.