Prosecutors searched the head office of Shinhan Bank headed by President Wi Sung-ho on June 11 as part of a probe into allegations that the bank officials offered special favors to children of the bank's ranking officials, allowing them to get jobs at the bank.
The Seoul Eastern District Prosecutors' Office sent its investigators to search the bank's human resources and inspection departments to secure evidence. They also raided the homes of the bank's personnel officials who are suspected of being involved in granting undue favors to job applicants with close ties to top bank executives or VIP customers, the prosecution said.
Last month, the Financial Supervisory Service (FSS) requested prosecutors to look into Shinhan Financial Group's subsidiaries, including the nation's third-biggest Shinhan Bank and Shinhan Life Insurance, after finding 22 cases of alleged hiring irregularities between 2013 and 2017 in its month-long investigation.
Of the suspected 22 cases, 13 involved children of Shinhan Bank executives and others were children of influential officials, including those linked to former CEOs, politicians and FSS officials.