Shinhan Financial Group suspends CEO

The financial group's board of directors suspended Shin Sang-hoon on a 10-1 vote with another director abstaining, South Korea's Yonhap News reported Tuesday.

The bank has charged that Shin approved $82 million in loans in 2003 through 2009 to a company in which a relative had an interest, but there is an undercurrent of board strife behind the suspension, as well.

The firm's chairman, Ra Eung-chan is under investigation by regulators in an inquiry that he suspects was triggered by Shin.

Some suspect Ra is behind the CEO's suspension, the news agency said.

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