Ex-Bank of Korea Chief Donated to Lawmakers During Audits, Sparking Independence Row

Former Bank of Korea Governor Lee Chang-yong made political donations to lawmakers on the National Assembly's finance committee annually throughout his four-year term, it has been confirmed. Critics argue that it is inappropriate for a central bank governor to repeatedly contribute to politicians with whom he has official ties, raising questions about potential violations of the Bank of Korea's internal regulations.

Reports indicate that Lee sent 100,000 won to each finance committee member of both ruling and opposition parties around October, the period of parliamentary audits. This practice continued from 2022 to 2025, during his tenure as governor. Considering the committee has about 25 members, the total annual donations are estimated to be in the millions of won. This pattern of donating to finance committee members across party lines is seen as exceeding typical personal political contributions and could invite suspicion of attempting to manage the entire standing committee.

The timing of these donations, coinciding with parliamentary audits, further fuels the controversy. Finance committee members are directly involved with the Bank of Korea through audits, confirmation hearings for the governor, policy reports, budget and legislative reviews, and requests for information. Critics contend that such actions are reckless and could undermine the central bank's neutrality and credibility, leading to perceptions of conflicts of interest.

Concerns have also been raised about potential violations of the Bank of Korea's internal code of conduct. The code states that employees must not provide or promise to provide money or valuables to public officials or politicians in connection with their duties for the bank's benefit. The Bank of Korea stated that they were aware of the personal donations made with private funds and are reviewing whether they violate the employee ethics code.

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We are aware of the content and will review whether it violates the employee ethics code.