The China-led Asian Infrastructure Investment Bank (AIIB) appointed former South Korean finance minister Hyun Ok-seok as a member of its advisory panel after the replacement of vice president and Chief Risk Officer Hong Ky-ttack. The lender also appointed Yoo Jae-hoon, incumbent president of the state-run Korea Securities Depository as a director-general-level controller.
The finance ministry said on Monday that the Beijing-based bank named Hyun, former Korean finance minister and deputy prime minister for economic affairs from 2013 until July 2014 under President Park Geun-hye’s administration, as a member of the AIIB International Advisory Panel. The panel composed of 10 financial specialists from both member and non-member countries acts to advise the AIIE president on economic and financial strategies and other key issues. Hyun will serve the bank as an advisor for two years.
Yoo who has been heading the Korea Securities Depository since 2013 will be taking the controller’s office at the AIIB to oversee the bank’s financial planning and management.
The Beijing-based lender also appointed Lee Dong-ik, former vice president of the Korea Investment Corp. as an operations advisor for private sector developments to handle the investment projects. Lee previously headed various investment projects at both private and public financial institutions.
The appointments come months after Hong resigned from the AIIB’s office of the vice president and Chief Risk Officer. Hong took a leave of absence after he came under fire for mismanaging Daewoo Shipbuilding and Marine Engineering while he headed the state creditor Korea Development Bank. Seoul had wished another Korean national to fill Hong’s position but other AIIB member countries also had been keen to place their own nationals. Among AIIB member countries, Korea is the fifth largest stake holder.
By Cho Si-young
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