Shin Hyun-song, nominee for governor of the Bank of Korea, said on the 15th regarding controversies over his British national daughter's illegal move-in registration to a Gangnam apartment and holdings of foreign-currency assets, "I apologize for causing concern to the public over my personal matters."
Shin, taking questions at the confirmation hearing for the Bank of Korea (BOK) governor held at the National Assembly's Planning and Finance Committee this morning, said he was "deeply sorry," adding, "It was my fault for failing to handle administrative procedures properly after living overseas for a long time."
However, Shin said, "There was no deliberate act to pursue any benefit," adding, "If I take office as governor, I will promptly address the various issues currently raised and do my utmost for the Korean economy."
Earlier, Shin was reported to have personally submitted a handwritten move-in notification for his eldest daughter at the Nonhyeon 2-dong community center in Gangnam District, Seoul, on Dec. 2023. The eldest daughter lost her Korean nationality after acquiring British nationality in 1999, but Shin used her former resident registration number to file the move-in as if she were a Korean national. The opposition camp criticized this as an illegal move-in notification that could violate the Resident Registration Act.
At the hearing, Shin's overseas assets were also flagged as a problem. Shin had reported that, of the total 8.24102 billion won in assets held by himself, 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.
Regarding this, Shin said, "I sold a total of 1.89 billion won worth of ETFs and U.K. Government Bonds," adding, "I plan to sell other overseas assets in stages."