former Taekwang Group Management Committee Chairman Kim Ki-yoo 

(Photo = Yonhap news)

 

[Alpha Biz= Reporter Kim Jisun] The labor union of Taekwang Group has called for the arrest and strict punishment of former Taekwang Group Management Committee Chairman Kim Ki-yoo, who is under investigation by prosecutors for allegedly directing improper loans. 

 

The union claims that during his tenure, Kim committed workplace harassment and exercised abusive authority over personnel matters, negatively impacting company culture.

On November 13, the union issued a statement in front of Heungkuk Life Insurance Building in Seoul, condemning Kim for alleged misconduct that, they say, damaged organizational culture. Park Young-dae, union leader of Taekwang Industrial's petrochemical division, stated, “Strict punishment for Kim Ki-yoo is the first step toward Taekwang Group's renewal,” adding that Kim’s abusive language was widely known within the company.

The union from Heungkuk Life Insurance also highlighted mental suffering caused by Kim’s indiscriminate personnel decisions and unreasonable directives. They listed actions such as arbitrary HR policy changes, excessive disciplinary actions, large-scale layoffs without notice, withheld performance bonuses, and forced dismissal of executives as examples of his alleged misconduct.

Kim is accused of ordering a ₩15 billion loan from then-affiliated Korea Savings Bank and Yes Savings Bank in August of last year, allegedly under the request of a close associate in the real estate development sector.

 

 

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