A Seoul court held a hearing Wednesday to decide whether to issue an arrest warrant for the sitting chief of a major South Korean financial company over unfair hiring and other charges.

Cho Yong-byoung, chairman of Shinhan Financial Group Co. appeared for a court arraignment at the Seoul Eastern District Court at around 10:30 a.m. Prosecutors filed for his writ on Monday.

He underwent closed-door questioning by prosecutors twice last week. 


(Yonhap)
Cho, 61, is accused of involvement in the alleged unfair hiring of new bankers at Shinhan Bank between 2015 and 2017, when he was the head of a key unit at the financial group. He became Shinhan Financial chairman early last year following the board's approval.

Prosecutors suspect that Shinhan Bank under his leadership gave undue favors to applicants who were the children or relatives of influential people, such as politicians or ranking bureaucrats. Cho also allegedly gave favors to families of former Shinhan Bank executives.

Two former Shinhan Bank officials have been arrested and indicted for their roles in the unfair practice, in which prosecutors suspect over 90 underqualified applicants were given preferential treatment.

Cho is also accused of violating laws regarding sexual equality in employment by having the bank hire more men than women.

The probe began in May after the Financial Supervisory Service filed for a complaint against Shinhan affiliates over 22 suspected cases of illegal hiring based on the outcome of its own inquiry.

The court is likely to deliver its decision late Wednesday or early Thursday. (Yonhap)