Former Hana Financial Group chairman Kim Seung-yu expressed his willingness to step down from his post as adviser to the financial firm.
His departure comes after the Financial Supervisory Service said it was investigating allegations that Kim had engaged in irregular business practices during his tenure as the group’s chief.
Hana Bank owns about 4,000 pieces of artwork. Kim is known to be an art lover but the FSS suspects there is more to the bank’s unusually large art collection.
On Tuesday, the union of Korea Exchange Bank, a unit of Hana Financial Group, filed a petition against Kim with Cheong Wa Dae.
“Aside from a variety of wrongdoings, Kim has conducted improper practices even after his resignation as the group chairman,” the KEB union said in a statement.