The Seoul Eastern District Court issued a suspended jail-term sentence against Shinhan Financial Group Co. Ltd. CEO and Chairman Cho Yong-byoung in connection with a hiring irregularities case at Shinhan Bank Co. Ltd., The Korea Herald reported Jan. 22.
Cho said he would challenge the ruling in a higher court.
The court handed Cho a six-month prison term, suspended for two years. He was guilty of using influence in the hiring of over 100 applicants between 2013 and 2016. He helped recruit applicants that had personal ties to Shinhan Financial executives.
Cho is likely to continue serving as Shinhan Financial's chairman with the board's support, the newspaper reported.