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Court denies arrest warrant for Shinhan Financial chief

A Seoul court turned down early Thursday a prosecution request for a warrant to arrest Shinhan Financial Group Chairman Cho Yong-byoung, who is suspected of involvement in alleged unfair hiring of new employees.

The Seoul Eastern District Court said he presents a low risk of fleeing or destroying evidence, given his social and residential status.


Cho, 61, is accused of having his officials give undue favors to job applicants who were either children or relatives of influential people such as politicians or ranking bureaucrats when he headed the financial firm's key unit from 2015-2017. He became Shinhan Financial chairman early last year.

Cho also allegedly gave favors to families of former Shinhan Bank executives.

Prosecutors filed for his arrest warrant on Monday and the court arraigned him on Wednesday. He underwent closed-door questioning twice last week.

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. (Yonhap)