South Korean Bank Chief Falls To His Death From His 6th Floor Office


A South Korean bank chief jumped to his death from his 6th floor office at the Jeil 2 Savings Bank in South Korea yesterday, according to a police spokesman who insisted on anonymity.

“It looks like a suicide,” said the spokesman.

The chief, Jeong Gu Haeng, jumped while the bank was open for business yesterday, and people who were entering the bank watched him fall to the ground.

His death is the latest in a period of trouble at South Korean savings banks. This week, regulators had to step in to stop a mini run on a South Korean savings bank.

The banks have been accused of having poor liquidity as a result of investing in real estate developments, for one. The NYTimes cites “misbehavior” as another reason for the banks’ poor financial conditions. The government suspended 7 savings banks last Sunday. Haeng’s employer, Jeil 2, was one of them. Jeil 2, like the other suspended banks, was being investigated by regulators after its poor performance.

One possible reason for his alleged suicide includes a recently started investigation into a bank lobbyist’s bribes. Government officials know he bribed one bank official and there are rumours that the lobbyist bribed 2 other (unknown) bank officials as well.

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