Hana Bank president and CEO Kim Jong-jun is under fire again over an incentive bonus that he reportedly received just before financial regulators reprimanded him over irregularities.

Hana Financial Group, the bank’s parent company, granted about 50 executives including Kim a total of 5 billion won ($4.9 million) worth of restricted stock units on April 17 as bonuses for their management performance in 2011, sources in the financial sector said Wednesday.

The Hana Bank chief reportedly pocketed some 78 million won in cash for his share, according to the sources. 

Critics do not blast the amount of money he took home, but rather the timing of the payment.

The Financial Supervisory Service had issued a warning against Kim on the same day for investing in a savings bank through illegal means.

Reports said the group’s decision to pay bonuses came on the evening of April 16, suggesting the bank may have paid hurriedly in consideration of his penalty.

Punishments by the FSS on financial company executives include cautions, warnings, reprimands, work suspensions and recommendations of dismissal. Those who receive reprimands or worse are banned from working in the financial sector for up to five years after completing their existing terms, and those with financial penalties are also restricted from receiving incentive bonuses.

Meanwhile, the bank said the bonus was paid in accordance with usual procedure, and the timing of the payment was not changed in consideration of the penalty.

The FSS gave Kim a verbal warning for investing 14.5 billion won in the ill-fated Mirae Savings Bank using fabricated documents in 2011, during his years as Hana Capital head, and causing some 6 billion won in losses to the company.

Despite the regulator’s heavy penalty, Kim said he has no intention to step down and pledged to serve out his term, which is due to end in March 2015.

By Oh Kyu-wook (596story@heraldcorp.com)