Lee’s loyalists put on ‘parachutes’

Lee’s loyalists put on ‘parachutes’
They’re landing in cushy jobs, sometimes covertly, even without qualifications

 

On Tuesday, Lee Sang-mok, former Blue House secretary for civil rights, started working as an auditor at the Korea Deposit Insurance Corp.

 

In Korea, this kind of appointment is called “parachuting.” The powers that be find plum jobs at government corporations or agencies to reward the people that have served them loyally. The Japanese have a more piquant word for the practice in its system: amakudari, or “descending from heaven.”

 

But as the Lee Myung-bak administration enters its final 16 months, the parachuting is picking up, and the process is being done with unusual furtiveness.

 

Lee is a former labor activist who assisted President Lee Myung-bak during the 2007 presidential election. He was a low-key guy in the Blue House and his appointment was even farther under radar. The state-run agency said Lee didn’t want his name made public after his appointment. The whole process was kept strictly confidential until he actually started working.

 

Lee succeeds another former Blue House secretary, Sohn Kyo-myung, who has quit his job at the state-run agency to run in the general election next year.

 

Lee’s appointment to the KDIC was kept hush-hush because a previous attempt to parachute him into a cushy job backfired on the administration.

 

In June, Lee was appointed to become an auditor at the Industrial Bank of Korea. But after the announcement, there were howls from labor unions, who said he had no qualifications for the job.

“I understand that Lee was diverted to the Korea Deposit Insurance Corp. since it was decided it would be a stretch to put him as an auditor at a bank due to his lack of experience in the financial industry,” a government official told the JoongAng Ilbo.

 

The appointing of positions at state-owned financial companies can be kept from the press until the appointee actually starts work in his new job.

 

Yoon Young-dae, who started work as president of the Korea Minting & Security Printing Corporation on Tuesday, left public service in 2003. His last position was vice chairman of the Fair Trade Commission.

 

“His return after eight years was a surprise,” said one government official. “It seems his main qualification was acting as special assistant to then-presidential candidate Lee Myung-bak during the 2007 presidential race.”

 

In March, former Blue House secretary for presidential protocol Lee Jae-ryeol was appointed the auditor of the Korea Minting & Security Printing Corporation.

 

On Monday, Park Heong-shin, former Blue House policy publicity secretary, was named the auditor for the Korea Housing Finance Corp.

 

Park is a schoolmate of former Blue House spokesman Lee Dong-kwan. Park has no expertise in finance.

 

In May, the Korea Housing Finance Corp. appointed Lee Hae-don as an executive. Lee is a Grand National Party member who ran unsuccessfully for head of the Seodaemun District Office during the local election in 2010.

 

The Korea Housing Finance Corp. is packed with former government officials and politicians. Its president from last month, Kim Kyung-hoh, is a former Finance Ministry official, and so too is Tae Eung-youl, its vice president.

 

And the parachutes keep on landing in government corporations and agencies.

 

In June, former Finance Ministry official Kim Byung-ki became president of the Seoul Guarantee Insurance Company, while former mayor of Seogwipo, Jeju, Kang Sang-joo, was named the company’s new auditor. Although Kang is a former public servant, he is basically a Grand National Party politician.

 

The parachutes are even landing at affiliates of state-owned financial companies.

 

Last month Ryu Myeong-yeol was appointed vice president of IBK Credit Information, an affiliate of the Industrial Bank of Korea. Ryu is a Grand National Party politician.

 

“It’s excessive to place a political figure who has no experience or expertise in finance in the vice president position,” an IBK Credit official complained.

 

The stock market and related institutions have long been crowded with parachute appointees.

 

Koscom, a state-owned financial IT solution company named senior Blue House administrator Kim Sang-wook as the company’s auditor this year. Last year, it hired Yun Seok-dae, former Blue House administrator, as an executive.

 

Korea Securities Depository’s managing director for deposit and settlement services Moon Hyung-wook is a former Blue House administrator who worked as a secretary to presidential chief of staff Yim Tae-hee.

 

Kim Duk-soo, the former Blue House senior secretary for civil affairs, is currently an auditor at the Korea Exchange. His term ends in April next year.

By Yoon Chang-hee, Lee Ho-jeong [ojlee82@joongang.co.kr]