South Korean prosecutors confirmed they have launched a criminal investigation into alleged hiring irregularities at Shinhan Financial Group Co. Ltd., The Chosun Ilbo reported May 15, citing the Seoul Eastern District Prosecutors' Office.

The allegations were brought by South Korea's Financial Supervisory Service following its probe into hiring practices at Shinhan Financial and its units. The regulator found 22 cases of alleged hiring irregularities, including the preferential treatment of children of company executives and influential officials during hiring, at the group's banking, life insurance and credit card units.

South Korean authorities have been looking into alleged hiring irregularities at financial groups, including Shinhan Financial and Hana Financial Group Inc. In February, the FSS filed criminal complaints against KEB Hana Bank and five other banks after uncovering 22 suspected cases of hiring irregularities at unnamed banks during an investigation conducted in 2017.