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BOK nominee apologizes for controversy over family nationalities, property holdings

Published: 15 Apr. 2026, 17:40

Shin Hyun-song, nominee for Bank of Korea governor, answers lawmakers’ questions during a confirmation hearing at the National Assembly’s Strategy and Finance Committee in Yeouido, Yeongdeungpo District, western Seoul on April 15. [YONHAP]

Bank of Korea (BOK) governor-nominee Shin Hyun-song on Wednesday apologized for causing controversy over allegations related to his family's nationalities, property holdings and other personal matters.

"It was my fault that I failed to properly handle administrative procedures while living abroad for an extended period of time," Shin said during a parliamentary confirmation hearing at the National Assembly. "I sincerely apologize for causing concern to the public over personal matters."

According to one of the allegations raised against Shin, his daughter lost her Korean citizenship in 1999 upon acquiring British nationality. However, he did not report the loss of nationality and falsely registered her as a domestic resident at an apartment in Seoul's Gangnam district about two years ago.

The nominee also came under scrutiny for owning three homes in and outside Korea, and also for purchasing an apartment largely with the tenant's deposit, an investment scheme often referred to as "gap-investment," that reportedly left him with a 2.2 billion won ($1.5 million) gain due to a rise in the price of the apartment.

Shin was also criticized for allowing his mother to live in one of his apartments without paying rent or any deposit.

"There was no intentional wrongdoing aimed at pursuing personal gain," he told the hearing. "If I take office as governor, I will promptly address all outstanding issues."

Addressing concerns that his financial portfolio was heavily weighted toward foreign assets, Shin said he has "sold a significant portion" of his foreign-currency-denominated financial assets and will continue to reduce that exposure.

The nominee earlier reported combined assets of 8.24 billion won held by himself, his spouse and his eldest son, with over 90 percent of his financial assets invested overseas, raising concerns over a potential conflict of interest given his prospective role as a top central banker.

Questions have also been raised about his ties to Korean society, particularly regarding the nationalities of his family members. Shin's spouse holds U.S. citizenship, while his eldest son holds British nationality and renounced his Korean citizenship before age 18, thereby avoiding mandatory military service.

Separately, allegations were raised that Shin's transfer to Korea University shortly after graduating from a high school in Britain may have violated the university's internal regulations.

"Though I have lived abroad for a long time, I have always intended to devote myself to the Korean economy someday, and I returned to Korea as I believe this nomination is my final opportunity to serve the country," Shin said. "I will resolve all matters without any conflicts of interest or suspicions and conduct myself with the integrity expected of a public official."

Shin, an Oxford-educated economist and former senior official at the Bank for International Settlements, has been tapped to replace outgoing BOK Gov. Rhee Chang-yong, whose four-year term ends Monday.

Yonhap