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April 17, 2018

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Chief supervisor quits 15 days in office

South Korea’s Financial Supervisory Service chief resigned after just 15 days on the job after the election watchdog concluded he had breached the law while serving in office as a lawmaker, the FSS said yesterday.

Kim Ki-sik faced allegations that he had misused political funds when he made a donation to a political organization he led in his final five months in office, sparking public criticism that he rushed to spend the money before his term ended. Kim had donated 50 million won (US$46,000) to a liberal political think-tank, The Better Future, in May 2016, the Yonhap News Agency said.

As allegations against Kim snowballed last week, the presidential Blue House pledged to sack him if he was found to have committed any illegal activity as a lawmaker, requesting the National Election Commission to review his spending.

After the election commission announced late yesterday that it found Kim’s spending while in office unlawful, he offered his resignation, the FSS said.


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