BOK chief nominee Shin apologizes for controversy over personal issues

▲ Shin Hyun-song, the nominee for the governor of the Bank of Korea, drinks water during a parliamentary confirmation hearing at the National Assembly in Seoul on April 15, 2026. (Yonhap)

BOK chief nominee-personal assets

BOK chief nominee Shin apologizes for controversy over personal issues

SEOUL, April 15 (Yonhap) -- Shin Hyun-song, nominee for the head of South Korea's central bank, on Wednesday apologized for causing controversy over allegations related to his family's nationalities, property holdings and other personal matters.

"It was my fault that I failed to properly handle administrative procedures while living abroad for an extended period of time," Shin said during a parliamentary confirmation hearing at the National Assembly. "I sincerely apologize for causing concern to the public over personal matters."

According to one of the allegations raised against Shin, his daughter reportedly lost her South Korean citizenship in 1999 upon acquiring British nationality. But he did not report the loss of nationality and falsely registered her as a domestic resident at an apartment in Seoul's Gangnam district about two years ago.

The nominee also came under scrutiny for owning three homes in and outside South Korea, and also for purchasing an apartment largely with the tenant's deposit, an investment scheme often referred to as "gap-investment," that reportedly left him with a 2.2 billion-won gain due to a rise in the price of the apartment.

Shin was also criticized for allowing his mother to live in one of his apartments without paying rent or any deposit.

"There was no intentional wrongdoing aimed at pursuing personal gain," he told the hearing. "If I take office as governor, I will promptly address all outstanding issues."

Addressing concerns that his financial portfolio was heavily weighted toward foreign assets, Shin said he has "sold a significant portion" of his foreign currency-denominated financial assets and will continue to reduce such exposure.

The nominee earlier reported combined assets of 8.24 billion won (US$6.1 million) held by himself, his spouse and his eldest son, with over 90 percent of his financial assets invested overseas, raising concerns over a potential conflict of interest given his prospective role as a top central banker.

Questions have also been raised about his ties to South Korean society, particularly in relation to the nationalities of his family members. Shin's spouse holds U.S. citizenship, while his eldest son holds British nationality and renounced his South Korean citizenship before the age of 18, thereby not fulfilling mandatory military service.

Separately, allegations were raised that Shin's transfer to Korea University shortly after graduating from a high school in Britain may have violated the university's internal regulations.

"Though I have lived abroad for a long time, I have always intended to devote myself to the Korean economy someday. I returned to Korea as I believe this nomination is my final opportunity to serve the country," Shin said. "I will resolve all matters without any conflicts of interest or suspicions and conduct myself with the integrity expected of a public official."

Shin, an Oxford-educated economist and former senior official at the Bank for International Settlements (BIS), has been tapped to replace outgoing BOK Gov. Rhee Chang-yong, whose four-year term ends Monday.

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