Shinhan Fin suspends CEO Shin over embezzlement
SEOUL, Sept 14 |
SEOUL, Sept 14 (Reuters) - Shinhan Financial Group (055550.KS) said on Tuesday it has suspended Chief Executive Shin Sang-hoon after he was accused of embezzlement and breach of trust.
The Seoul Prosecutors' Office began investigations regarding the allegations after Shinhan's bank unit filed a complaint to investigate Shin, who headed the bank between 2006 and 2009, on breach of trust and embezzlement worth nearly 100 billion won. [ID:nTOE681041]
Shin has been quoted in South Korean media denying the charges and saying he hopes to resolve any misunderstanding.
Shinhan said after the board meeting on Tuesday the decision was made to reflect the results of prosecutors' investigation.
(Reporting by Ju-min Park; Editing by Valerie Lee)
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