Shinhan Suspends CEO Over Embezzlement Probe

Law360, New York (September 14, 2010, 4:12 PM EDT) -- Shinhan Financial Group Co. has suspended President and CEO Shin Sang Hoon amid an investigation by South Korean authorities of the executive's alleged embezzlement from the company.

Shinhan’s board of directors on Tuesday voted 10-1 to suspend Shin, effective immediately, and temporarily replace him with Shinhan Chairman Ra Eung Chan, according to a filing Tuesday with the U.S. Securities and Exchange Commission.

Although suspended, Shin will remain on the board of directors, the company said.

The board’s current director, Chun Sung-bin said the board agreed to...
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