Korea's top financial regulator signals resignation over commercial law dispute

By Kim Dong-young Posted : April 2, 2025, 09:19 Updated : April 2, 2025, 09:19
Financial Supervisory Service FSS Governor Lee Bok-hyun gives a speech at the FSS SPEAKS 2025 March 27 2025 Yonhap
Financial Supervisory Service Governor Lee Bok-hyun/ Yonhap
 
SEOUL, April 2 (AJP) - Financial Supervisory Service chief Lee Bok-hyun said Wednesday that he had expressed his intention to resign following a dispute over a proposed amendment to the country’s commercial law.

Lee’s announcement, made during a radio interview, follows his previous vow to stake his position on opposing the presidential veto of the controversial amendments to the Commercial Act. That veto was exercised on Tuesday by Acting President Han Duck-soo during a cabinet meeting.

“I conveyed my position regarding my resignation to the chairman of the Financial Services Commission yesterday,” Lee said during the broadcast.

Kim Byoung-hwan, the commission's chairman, has reportedly urged Lee to reconsider, proposing a discussion on the matter Thursday morning during a meeting focused on macroeconomic and financial issues.

Lee also indicated that he intended to seek a direct conversation with President Yoon Suk Yeol.

“Given that the president is the appointing authority, it would be most prudent to address him directly if possible, particularly in light of the Constitutional Court’s upcoming ruling on Friday regarding the president’s impeachment,” he said.

Lee’s resignation offer adds another layer of uncertainty as South Korea awaits the court’s decision on whether to uphold President Yoon’s impeachment.
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