KRX union files complaint against finance minister

Unionized workers of the Korea Exchange on Wednesday filed a complaint against Deputy Prime Minister and Finance Minister Hyun Oh-seok with the prosecution for abuse of authority and neglect of duties.

The KRX union continuously criticized the Finance Ministry’s recent decision not to privatize the main bourse and to maintain it in the public agency list.

“It was a practice going against the law and principles,” the union said in a statement. The workers argued that the government is hampering global competitiveness of the stock exchange.

KRX was turned into a state-run entity in 2009 under the Lee Myung-bak administration, following some claims that its management should be directly monitored by financial policymakers.

While the exchange has pledged to reduce costs, extend trading hours and reduce its number of overseas branches, officials at the ministry and the Financial Service Commission stressed that its normalization project should be carried out under the government grip, at least until it improves its management performance.

The union simultaneously referred two senior officials at the Finance Ministry to the prosecution.

They are also reportedly considering filing an administrative lawsuit against the Finance Ministry or the FSC.

By Kim Yon-se (kys@heraldcorp.com)