Financial Public Corporation Board, 'Nakhasan' Political Figures Gain Influence

Forecast has the highest number among financial public enterprises

[Asia Economy Reporter Jin-ho Kim] Some boards of directors of financial public enterprises are being filled with figures from the political world. Concerns are rising that so-called 'parachute appointments' are rampant as the administration nears its end.

According to the financial sector on the 16th, the Korea Deposit Insurance Corporation appointed attorney Kim Jeong-beom of the Minwoo Law Firm as a new non-executive director (outside director) on the 30th of last month.

New director Kim previously served as a director of the Democratic Research Institute, a think tank of the Democratic Party of Korea, a non-executive auditor of Korea Culture Promotion Corporation, and a mediator of the Press Arbitration Commission. He ran as a candidate for the Uri Party in the 17th general election and as a preliminary candidate for the United Democratic Party in the 19th general election.

Previously appointed to KDIC, executive director Park Sang-jin and outside director Seon Jong-moon also ran as preliminary candidates for the Democratic Party of Korea in the 21st general election. Auditor Lee Han-gyu is also a political figure who served as the policy office chief of the Democratic Party's Policy Committee.

The Korea Asset Management Corporation (KAMCO) is also embroiled in internal conflict after appointing a non-expert as an executive, ignoring internal opposition. Recently, former head of the Unmanned Business Division at the Defense Acquisition Program Administration, Won Ho-jun, was appointed as an executive director.

Additionally, last year, Korea Growth Finance caused controversy by attempting to place a non-expert in a position requiring financial expertise. A former Blue House administrative officer was nominated as the head of the policy-type New Deal Fund division at Korea Growth Finance but resigned due to public backlash.