Also 'Nakhwasan'... Political figures lined up one after another to financial public enterprises

[Asia Economy Reporter Song Seung-seop] With less than a year remaining before President Moon Jae-in's retirement, controversies over 'parachute appointments' continue as former politicians are appointed to financial public enterprises.

According to the financial sector on the 4th, the Korea Deposit Insurance Corporation appointed Park Sang-jin, former senior specialist of the National Assembly, as the new standing director. Park, who began his public service career after passing the legislative exam in 1995, ran as a preliminary candidate for the Democratic Party of Korea in Sokcho, Inje, Goseong, and Yangyang during last year's general election. The term for a standing director is two years, and the president directly appoints the position.

With this, the number of ruling party figures appointed as directors during the Moon administration has increased to three. Lee Han-gyu, appointed as auditor last October, is also a former policy director of the Democratic Party. Kim Young-gil, the predecessor of Park as standing director, also served as policy director of the party's Policy Committee. Due to the nature of managing public funds, external experts were mainly appointed, but now key positions have been consecutively occupied by members from the same party.

The situation is similar in other financial public enterprises. Kim Jong-cheol, auditor of the Export-Import Bank of Korea, previously served as the representative lawyer of the law firm Sae Seoul before his appointment. He is an alumnus of Kyung Hee University’s law department alongside President Moon Jae-in and provided legal advice during the presidential campaign. He also served as an ethics review advisory committee member in the National Assembly and as a legal advisor to the Ministry of Health and Welfare.

The Korea Asset Management Corporation (KAMCO) appointed Lee In-su, former chairman of the Cambodia Securities Exchange, as the new auditor. Although appointed by the president through an open recruitment process, the labor union strongly opposed the appointment, even staging protests to block his entry, citing a lack of expertise and experience.

During the recent National Assembly’s Political Affairs Committee audit, Democratic Party lawmaker Park Yong-jin criticized parachute appointments in financial public enterprises. Lawmaker Park emphasized, "The culture of exclusivity, preferential treatment for former officials, and parachute appointments are the words the public hates most and represent the tyranny of privileged classes," adding, "They undermine and dismantle laws and systems, so institutional improvements are necessary."