South Korea’s chief financial regulator on Wednesday denied any shortcomings on his part in dealing with the internal feud at KB Financial Group, the country’s second-biggest banking group by market value, and rejected speculation that there was external pressure.

Former KB Financial Chairman Lim Young-rok and Kookmin Bank President Lee Kun-ho both stepped down after ugly bickering over changing the company’s computer system since May led to a reprimand.

The case was first handled by the Financial Supervisory Service, the watchdog, and later by the Financial Services Commission, with the two handing down conflicting sanctions.

Lee immediately stepped down after the FSS’ sanction in late August, and Lim, after initial defiance, announced his resignation on Sept. 28, ending the scandal that had played out publicly for months.

The FSC and the FSS have been under fire for making the case more complicated as the two financial oversight bodies gave different punishments against the two leaders.

“As the head of financial authorities, I regret that this ugly case occurred,” FSC Chairman Shin Je-yoon said in a parliamentary inspection session. “But I think I’ve carried out my responsibilities.”

He said there was no external pressure to sanction Lim, refuting rumors that Finance Minister Choi Kyung-hwan had talked to him about Lim’s punishment.

Shin also said that FSS Gov. Choi Soo-hyun, who is in direct charge of overseeing financial companies, should not be criticized.

“The FSS governor holds responsibility for it (the KB scandal) to some extent. But I think it isn’t big enough to dismiss him,” said Shin. “Even though the matter grew bigger than foreseen as a result, he has done his work fairly.” (Yonhap)