ID :
41457
Mon, 01/19/2009 - 13:00
Auther :
Shortlink :
https://www.oananews.org//node/41457
The shortlink copeid
President sacks finance minister over economic crisis
SEOUL, Jan. 19 (Yonhap) -- South Korean President Lee Myung-bak sacked his finance and unification ministers Monday in a long-anticipated shakeup of the Cabinet aimed at easing public anger over a looming economic recession and worsening relations with communist North Korea.
Yoon Jeung-hyun, former head of the Financial Supervisory Committee (FSC) and the
Financial Supervisory Service (FSS), was tapped to succeed the embattled finance
minister Kang Man-soo, who has been widely blamed for failing to forecast the
ongoing economic difficulties and adopting a series of "misguided" policies that
made the country more vulnerable to the global financial crisis.
"Yoon served as the head of the FSC and FSS under the former Roh Moo-hyun
government and he is well versed in financial affairs with expertise on overall
economic issues," Lee Dong-kwan, a spokesman for the presidential office Cheong
Wa Dae, cited as the reason for his nomination.
"The government expects his nomination and appointment will bring about
confidence in the market that will help us get through this economic crisis," he
told reporters.
Unification minister Kim Ha-joong, the country's point man on North Korea, will
be replaced by Hyun In-taek, a professor of political science from Seoul's Korea
University, the president's alma mater.
Monday's reshuffle also included two other ministerial-level posts -- chief of
staff for prime minister and the head of the Financial Services Commission.
Kwon Tae-shin, a career government administrator, was promoted to the position of
prime minister's chief of staff while Chin Dong-soo, president of the state-run
Export-Import Bank of Korea, was tapped to head the Financial Services
Commission, according to the presidential spokesman.
Also to be replaced in the latest government shakeup are 15 vice
ministerial-level officials, including the chief presidential secretary for
economy, Bahk Byong-won, who recently underwent questioning by state inspectors
for possible involvement in suspected irregularities committed by his former
employer, Woori Financial Group.
Bahk is to be replaced by Yoon Jin-shik, president of the Korea Investment
Holdings Co. Ltd., Lee said.
bdk@yna.co.kr
(END)
Yoon Jeung-hyun, former head of the Financial Supervisory Committee (FSC) and the
Financial Supervisory Service (FSS), was tapped to succeed the embattled finance
minister Kang Man-soo, who has been widely blamed for failing to forecast the
ongoing economic difficulties and adopting a series of "misguided" policies that
made the country more vulnerable to the global financial crisis.
"Yoon served as the head of the FSC and FSS under the former Roh Moo-hyun
government and he is well versed in financial affairs with expertise on overall
economic issues," Lee Dong-kwan, a spokesman for the presidential office Cheong
Wa Dae, cited as the reason for his nomination.
"The government expects his nomination and appointment will bring about
confidence in the market that will help us get through this economic crisis," he
told reporters.
Unification minister Kim Ha-joong, the country's point man on North Korea, will
be replaced by Hyun In-taek, a professor of political science from Seoul's Korea
University, the president's alma mater.
Monday's reshuffle also included two other ministerial-level posts -- chief of
staff for prime minister and the head of the Financial Services Commission.
Kwon Tae-shin, a career government administrator, was promoted to the position of
prime minister's chief of staff while Chin Dong-soo, president of the state-run
Export-Import Bank of Korea, was tapped to head the Financial Services
Commission, according to the presidential spokesman.
Also to be replaced in the latest government shakeup are 15 vice
ministerial-level officials, including the chief presidential secretary for
economy, Bahk Byong-won, who recently underwent questioning by state inspectors
for possible involvement in suspected irregularities committed by his former
employer, Woori Financial Group.
Bahk is to be replaced by Yoon Jin-shik, president of the Korea Investment
Holdings Co. Ltd., Lee said.
bdk@yna.co.kr
(END)
