[THE INVESTOR] A former South Korean finance minister has been appointed as a member of an advisory panel for the China-led Asian Infrastructure Investment Bank, the Finance Ministry here said on Sept. 12.
Hyun Oh-seok, 66, will serve as a member of the AIIB International Advisory Panel for two years, according to the ministry.
He had served as the finance minister and the deputy prime minister for economic affairs from February 2013 and July 2014.
Hyun Oh-seok. The Investor
The panel, made up of former senior government officials and international experts, is designed to give advice on strategy and other key issues to the AIIB president.
The ministry also said that Yoo Jae-hoon, the incumbent president of the state-run Korea Securities Depository, was named a controller who oversees the AIIB’s accounting and related financial functions.
Lee Dong-ik, former vice president of the Korea Investment Corp., will also work for the AIIB as operations advisor for private sector developments, added the ministry.
The AIIB was formally launched on Jan. 16, with 57 founding members, including South Korea, in a bid to promote economic growth in the Asian region by supporting infrastructure investment.
South Korea has a 3.81 percent stake, the fifth-largest among member countries after China, India, Russia and Germany.
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