Seoul: A lawyer who previously defended President Lee Jae Myung in his corruption trials has been nominated as the new chief of South Korea's financial watchdog. The Financial Services Commission (FSC) announced the nomination of lawyer Lee Chan-jin as the new governor of the Financial Supervisory Service (FSS) during an extraordinary meeting held earlier in the day.
According to Yonhap News Agency, the process for appointing the FSS governor in South Korea involves a recommendation by the FSC chairman, followed by an appointment by the president. The position has been vacant for the past two months since the former FSS governor, Lee Bok-hyun, completed his three-year term in June.
The FSC highlighted Lee Chan-jin's extensive experience in providing legal advice and handling litigation for a wide range of companies, from venture firms to large conglomerates, as the primary reason for his nomination. Lee has spent much of his career at liberal civic bodies, including the Lawyers for a Democratic Society, also known as Minbyun.
In addition to his work with civic bodies, Lee represented President Lee Jae Myung in a high-profile case involving the Ssangbangwool Group's unauthorized remittance to North Korea. As the new FSS governor, Lee will be responsible for addressing unfair trade practices, a key initiative of the current administration.