Choo Kyung-ho: "No Issues in the Process of 'Foreign Exchange Bank Loan Star Sale' 업무 추진"

On the 2nd, Choo Kyung-ho, the nominee for Deputy Prime Minister and Minister of Economy and Finance, attended the confirmation hearing held at the National Assembly and put on his mask immediately after finishing his remarks. Photo by Yoon Dong-joo doso7@

[Asia Economy Sejong=Reporter Kwon Haeyoung] Choo Kyung-ho, nominee for Deputy Prime Minister and Minister of Economy and Finance, stated on the 2nd that "there were no issues whatsoever in the process of handling the sale of Korea Exchange Bank to Lone Star."

At the confirmation hearing held at the National Assembly that day, in response to criticism regarding responsibility over the controversy of national wealth outflow due to the 'fire-sale' of Korea Exchange Bank, Choo said, "There were challenges from the National Assembly and some civic groups, as well as audits by the Board of Audit and Inspection and investigations by the prosecution, but the courts consistently ruled from the first to third trials that there were no problems."

He added, "While I played a role as the person in charge of attracting capital to Korea Exchange Bank, there were no issues," emphasizing, "In carrying out the work at that time, I acted according to principles for the national interest and the market."

Choo was working as the head of the Banking System Division at the Ministry of Finance and Economy when the US-based private equity fund Lone Star acquired Korea Exchange Bank in 2003. In 2012, when Lone Star sold Korea Exchange Bank to Hana Financial Group, securing a profit of 4.7 trillion won and leaving Korea, he was the vice chairman of the Financial Services Commission.