Forecast Union: "Rumors of Non-Expert Former Politician Appointed as Executive Director... No Parachute Appointments"

"Guarantee Autonomous and Independent Management for Public Institutions"

[Asia Economy Reporter Yu Je-hoon] The Deposit Insurance Corporation Labor Union has opposed the appointment rumors of a non-expert with a political background as an executive director.

The Deposit Insurance Corporation branch of the National Office and Financial Services Labor Union issued a press release on the 20th under the name of the union chairman, stating, "Appoint a person with expertise and work capability as an executive director so that the Deposit Insurance Corporation can faithfully fulfill its role as a key pillar of the financial safety net."

According to the union, there are rumors circulating inside and outside the Deposit Insurance Corporation that Mr. A, who served as an aide to a key figure during the Lee Myung-bak administration, has been appointed as an executive director. It is also reported that this individual worked at some public institutions during the Lee Myung-bak administration.

The union pointed out, "The Deposit Insurance Corporation plays an important public role in protecting the precious deposits of tens of millions of citizens and preventing insolvency of financial companies to maintain financial stability," adding, "There is no expertise in financial work, yet this person is being mentioned as an executive director of the Deposit Insurance Corporation, which inevitably raises suspicion that someone's influence is at work behind the scenes."

Furthermore, the union emphasized, "The Deposit Insurance Corporation has suffered from parachute appointments sent from various institutions such as political parties, the National Assembly, the Ministry of Strategy and Finance, and the Bank of Korea," and added, "The president's pledge that 'when in power, I will not appoint presidents or camp personnel' is a bluff, and fairness and common sense have become 'Naeronambul' (double standards: 'If I do it, it's romance; if others do it, it's an affair)."

The union stated, "Amid soaring interest rates and a large trade deficit, with the economy and financial markets in the midst of a crisis, it is questionable how a person whose entire career is parachute appointments will handle the crucial executive duties of the Deposit Insurance Corporation," and called on the government to "guarantee autonomous and independent responsible management of public institutions."