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| (Yonhap) |
The head of South Korea’s sovereign fund resigned abruptly Friday amid an investigation by the country’s audit office into potential wrongdoing by the official.
According to the finance ministry, which oversees the Korea Investment Corp. (KIC), Ahn Hong-chul’s resignation was accepted by President Park Geun-hye.
“He unexpectedly tendered his resignation in the morning, citing personal reasons for his decision to step down,” the ministry said, without elaborating.
Ahn is reigning despite still having a year remaining in his three-year term that ends on December 2016.
Ahn has been a contentious appointment from the outset, as he has been a vocal critic of the opposition party when he was an aide to the incumbent president in the runup to the 2012 election.
Even after his appointment, the KIC chairman drew flak for making controversial deals. Ahn, in particular, drew criticism for his decision to invest more than 400 billion won (US$351.6 million) of the KIC’s money into the Los Angeles Dodgers baseball team that some critics argued may lead to considerable losses down the line.
Besides the opposition party, which called on the Board of Audit and Inspection (BAI) to start an investigation in the first place, some members of the ruling Saenuri Party have been asking for his dismissal.
Related to the resignation, the finance ministry said that since he has stepped down, the BAI will halt its three-monthlong probe.
The ministry said a steering committee of eight people will be set up to pick an eligible person to manage the sovereign fund.
A candidate will be selected among those that have submitted applications. The final appointment will be made by the president following the endorsement of the finance minister. (Yonhap)
