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Daegu Bank Chief resigns from embezzlement, hiring scandal

2018.03.23 15:44:31 | 2018.03.23 15:45:57
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South Korea’s Daegu Bank Chief Executive Park In-kyu on Friday offered to step down with two years left in his second term due to scandalous connection to slush funds and illegal hiring allegations.

Park bowed before shareholders during the general meeting Friday. Park earned a second term as the co-head of the Daegu-based financial group and bank a year ago.

The 64-year-old banker is under prosecution probe on suspicion of committing embezzlement with other 16 executives from April 2014 to August 2017 through purchase of 3.27 billion won ($2.8 billion) worth gift coupons with corporate credit cards, which were exchanged to cash for personal use. Park is accused of pocketing 100 million won.

Separately, the prosecution is investigating favoritism in hiring under his order.

Shares of DGB Financial Group finished 3.61 percent down at 12,000 won from the previous session.

By Chung Joo-won and Lee Ha-yeon

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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  • Seoul Tue 24 July 2018
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