It was revealed that three employees who had worked for a specific law firm when they were at the Korea Investment Corporation retired after being caught by an audit and immediately re-employed at the law firm.
As a result of analyzing the data received from the Korea Investment Corporation, Kookmin Power Choo Gyeong-ho, a member of the National Assembly Planning and Finance Committee, confirmed this.
When they were in the Legal Affairs Team of Korea Investment Corporation, they were in charge of signing contracts for legal advisory services. An internal audit found that the company requested a quote and signed a contract with the law firm.
Although there are 14 overseas and 7 domestic law firm candidates owned by the Korea Investment Corporation, we requested a quote by specifying only 2-3.
After the internal audit was caught, they retired in December 2018, July, and October 2019, respectively, and immediately re-employed at the corresponding large law firm.
In addition, in the last 5 years, 44 employees of Korea Investment Corporation re-employed after retiring, followed by financial institutions with 29 employees, followed by 8 legal and tax corporations and 7 general companies.
Half of the retirees of Korea Investment Corporation re-employed at financial institutions and large legal and tax corporations.
Among them, several cases of re-employment at a domestic securities company that are trading with Korea Investment Corporation have also been confirmed.
The two employees who worked in the consignment management team and the macro analysis team retired in May and June 2017, respectively, and re-employed at two securities companies.
One of these securities firms had been dealing with Korea Investment Corporation five months before the employee re-employed, and it was revealed that the employee had traded KRW 12.2 billion three times within six months after re-employment.
In addition, there were cases where employees who worked in the Korea Investment Corporation's Stock Management Office, Strategic Research Team, and Investment Planning Team retired and re-employed at an overseas securities company that is trading with Korea Investment Corporation.
Congressman Chu pointed out that Korea Investment Corporation's management of information on reemployment for retirees was also poor.
When retiring employees, Korea Investment Corp. had to disclose the reasons for retirement, such as schooling and job change, and it was at the discretion of the retirees to notify the reemployment institution or the reemployment date to the company.
For this reason, 30 out of 74 retired employees in the last 5 years do not even know whether they are re-employed.
In addition, according to the internal regulations for re-employment management, if a retiree gets a job at an organization that is a business partner with Korea Investment Corporation, the retiree must stop doing business with retired employees for '6 months from the retirement date'.
This means that if you re-employed six months after retirement, you are virtually not subject to any transaction restrictions.
This is in contrast to the fact that the National Pension Service receives consent for inquiry and provision of reemployment information and manages it for two years after retirement.
Rep. Chu said, "Korea Investment Corporation, which operates national property, is falling into the role of a stepping stone for individuals to better work. If the related regulations are not properly corrected, insiders may provide preferential treatment to trading companies or provide confidential information. The incentive to spill, etc. increases,” he criticized.
(Photo = Yonhap News)