Head of Korea's pension fund offers to step down

SEOUL, Sept. 11 (Yonhap) -- The head of the nation's pension fund offered to
resign Friday amid accusations that he caused heavy losses to a state-run bank
years ago when he was its chairman.

Park Hae-choon, president of the National Pension Service (NPS), delivered his
resignation to Health Minister Jeon Jae-hee, who supervises the nation's largest
institutional investor, according to fund officials.
No clear reason for his resignation was given but the move comes after Park was
accused of causing heavy losses to Woori Bank through failed derivative
investment when he was chairman of the state-run bank. He headed Woori between
2007 and 2008.
Park has reportedly been under pressure to step down as critics say he is not
qualified to lead the NPS for his failed risk management background.
On Wednesday, the Financial Services Commission, the nation's financial watchdog,
gave a disciplinary "warning" to him for having caused the losses.
He took the helm of the pension fund in June last year.
kokobj@yna.co.kr
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