Shin Hyun-song, the nominee for Bank of Korea governor, addressed the conflict-of-interest controversy over his foreign-currency asset holdings, saying, "More than half has been disposed of so far," and added, "I will dispose of 100% within a short period."
Shin, responding to related questions at his confirmation hearing before the National Assembly's Strategy and Finance Committee on the 15th, said, "I have already disposed of a substantial portion and will continue to dispose going forward," and stated accordingly.
Specifically, Shin said, "I have sold a total of 1.89 billion won worth of ETFs (exchange-traded funds) and U.K. Government Bonds," adding, "I plan to sell other overseas assets in stages."
Earlier, Shin reported that of the total 8.24102 billion won in assets held by him, his spouse, and his eldest son, 4.57472 billion won (55%) consisted of overseas financial assets and real estate. As the exchange rate rises, the won-converted valuation increases, prompting concerns about a potential conflict of interest.