Ex-Shinhan chief gets probed again

Former Shinhan chairman Ra Eung-chan is under investigation for his alleged embezzlement into a slush fund.

The allegation was made by civic group Solidarity for Economic Reform that Ra had ordered Shinhan Bank’s then-CEO Lee Baek-soon to create the political slush fund.

The slush fund totaling 300 million won ($278,000) fostered by Ra was offered to then-lawmaker Lee Sang-deuk, brother of President Lee Myung-bak, in 2008.

In a separate case against the former Shinhan chief, the civic group filed a complaint against Lee Sang-deuk, who received a two-year jail sentence for receiving kickbacks.

The Financial Supervisory Service is also reviewing documents on the 2010 embezzlement scandal involving the former top three executives of Shinhan Financial amid fresh allegations related to borrowed-name bank accounts owned by Ra.

In late 2010, the financial regulator suspended Ra of his duties as chairman for violation of real-name account rules.

For more.

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