 |
Shin Hyun-song arrives at his confirmation hearing preparation office at Hanwha Finance Plaza. (Photo=Yonhap News Agency) |
[Alpha Biz= Paul Lee] Shin Hyun-song, nominee for governor of the Bank of Korea, has reported total assets of approximately KRW 8.24 billion, with more than half held in foreign currencies and overseas assets—an issue expected to draw scrutiny during his confirmation hearing.
According to disclosures reviewed on April 5, Shin and his immediate family reported combined assets of KRW 8.241 billion, of which KRW 4.574 billion (55.5%) consisted of overseas financial assets and real estate.
Shin holds approximately KRW 2.036 billion in overseas deposits across U.S. brokerages and asset management firms, denominated in multiple foreign currencies including U.S. dollars, British pounds, euros, and Swiss francs. He also invested in UK government bonds worth approximately GBP 150,000 (KRW 302 million).
His spouse, a U.S. citizen, owns an apartment in Illinois valued at KRW 284.9 million, jointly held with their daughter. The spouse also holds deposits totaling KRW 1.856 billion, most of which are foreign currency deposits held at overseas financial institutions. Their son, a UK national, holds foreign currency deposits worth KRW 82.4 million and overseas equities valued at KRW 28.6 million.
Shin has lived abroad for more than 44 years, which explains the high proportion of foreign-denominated assets. However, given that monetary policy decisions—particularly interest rate policy—are closely linked to exchange rate movements, questions are expected to arise over potential conflicts of interest, as a weaker Korean won could increase the value of his foreign assets in local currency terms.
A lawmaker from the ruling party’s National Assembly Strategy and Finance Committee indicated that Shin’s foreign asset holdings would be a key topic during the confirmation hearing. A Bank of Korea official stated that “given his long-term overseas career, his income was naturally in foreign currencies,” adding that Shin plans to gradually reduce his foreign asset holdings if appointed.
Separately, Shin reported domestic real estate holdings, including an apartment in Seoul’s Gangnam District valued at KRW 1.509 billion and an officetel in Jongno District worth KRW 1.8 billion. The Bank of Korea noted that both the U.S. apartment and the Jongno officetel have been listed for sale.
알파경제 Paul Lee 특파원(hoondork1977@alphabiz.co.kr)
