FSS Chief Steps Down after Two Weeks in Office

Write : 2018-04-17 08:28:03 Update : 2018-04-17 14:00:48

FSS Chief Steps Down after Two Weeks in Office

The head of the Financial Supervisory Service(FSS) has resigned shortly after the election watchdog concluded that his past behavior and donations violated the law.

According to the national financial watchdog, FSS Governor Kim Ki-sik offered his resignation following the National Election Commission's(NEC) conclusion on Monday and President Moon Jae-in accepted it Tuesday. 

The presidential office said that it respected the NEC's assessment. President Moon had said last week that he would dismiss Kim if there was an objective finding that any one of his activities conducted while he was a lawmaker was illegal.

While serving as a lawmaker from 2012 to 2016, Kim went on overseas business trips sponsored by financial organizations subject to oversight by a National Assembly committee that he was a member of. 

When his term as a lawmaker was nearing its end, Kim also used his remaining political funds to donate 50 million won to a think tank called "A Better Future," an association of Democratic Party lawmakers which included him. 

The NEC concluded that Kim's 50 million won donation breached the Public Official Election Act.

In relation to the overseas trips, the NEC said that although such sponsored trips may have been "customary" among lawmakers at the time, they could be in violation of the Political Funds Act, depending on the details of each occasion.

Kim stepped down just two weeks after taking office on April second.

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