Former finance minister and also an economic adviser closer to President of South Korea, Kang Man-soo has been recommended to be a new head of state-run Korea Development Bank (KDB) Financial Group, which has a control of Korea Development Bank. The Financial Services Commission picked Kang, who has been top economic aided to South Korea’s president Lee Myong-bak, on Thursday to lead the bank and the holding group into the future of privatization and more efficiency making process. The commission picked him and requested President to appoint him to the position.
The 60- year-old Kang was in charge of the finance ministry from 2009 to 2009 after serving in the public sector for nearly 40 years.
IF final naming process is done by top administration, Ming Euoo-sung, who has been head of KDB from 2003, will be replaced by Kang.
Last month, Kang withdrew from the competition for chairman of Shinhan Financial Group, for which he was the most powerful hopeful, Korea Herald reported. He was reportedly likely to have some "beforehand communion" with President Lee on his nomination.
It’s is expected that liberals and opposition party will oppose Kang’s appointment to the position.
Kang has been criticized for his too much conservative behavior and policy making. For example, as a finance minister in 2008, he exerted a controversial policy mix of intervention and liberalization and also afforded favors to conglomerates, cutting taxes for the wealthy and corporations, the herald added.
(아주경제 송지영 기자)
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