Prosecutors recommend 3 years for Shinhan chair

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Prosecutors recommend 3 years for Shinhan chair

Shinhan Financial Group Chairman Cho Yong-byoung should go to prison for three years for unfair hiring, the prosecution said Wednesday.

He denied the charges.

Prosecutors said Cho between 2015 and 2016 recruited sons and daughters of high-ranking government officials despite lower scores than competitors. At the time, Cho served as CEO of Shinhan Bank.

The court will finalize the verdict on the chairman next month.

The recommendation came after a nomination committee at Shinhan Financial reappointed Cho as the sole candidate for the chairmanship position last week. The committee defied a warning from financial authorities over the legal risks involving the current chairman.

By Park Eun-jee
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