Seoul: Shin Hyun-song, nominee for the head of South Korea's central bank, has come forward to apologize for the controversy surrounding allegations linked to his family's nationalities, property holdings, and other personal matters. During a parliamentary confirmation hearing at the National Assembly, Shin addressed the issues, stating, "It was my fault that I failed to properly handle administrative procedures while living abroad for an extended period of time. I sincerely apologize for causing concern to the public over personal matters."
According to Yonhap News Agency, one of the allegations against Shin involves his daughter losing her South Korean citizenship in 1999 after acquiring British nationality. Despite this, he reportedly did not report the loss and falsely registered her as a domestic resident in Seoul's Gangnam district approximately two years ago. Further scrutiny has been directed at Shin for owning three homes in and outside South Korea and engaging in a "gap-investment" scheme that reportedly resulted in a 2.2 billion-won gain from rising property prices.
Shin was also criticized for allowing his mother to reside in one of his apartments without paying rent or any deposit. Addressing these concerns, he stated, "There was no intentional wrongdoing aimed at pursuing personal gain. If I take office as governor, I will promptly address all outstanding issues." He also assured the hearing that he has divested a significant portion of his foreign currency-denominated financial assets and will continue to do so.
The nominee reported combined assets of 8.24 billion won (US$6.1 million), largely invested overseas, prompting concerns about potential conflicts of interest given his prospective role as a top central banker. Questions have also emerged about his ties to South Korean society, particularly regarding the nationalities of his family members. Shin's spouse holds U.S. citizenship, while his eldest son has British nationality and did not fulfill mandatory military service after renouncing his South Korean citizenship before the age of 18.
Additionally, there are allegations that Shin's transfer to Korea University shortly after graduating from a high school in Britain may have violated the university's internal regulations. Despite these challenges, Shin expressed his commitment to the Korean economy, stating, "Though I have lived abroad for a long time, I have always intended to devote myself to the Korean economy someday. I returned to Korea as I believe this nomination is my final opportunity to serve the country. I will resolve all matters without any conflicts of interest or suspicions and conduct myself with the integrity expected of a public official."
Shin, who holds an Oxford education and is a former senior official at the Bank for International Settlements (BIS), has been nominated to replace outgoing BOK Governor Rhee Chang-yong, whose four-year term concludes on Monday.