The head of a state-funded organization representing independence fighters and their descendants announced he is stepping down, ahead of a board meeting that was to discuss his impeachment over allegations of embezzlement.

Chairman of Heritage of Korean Independence Kim Won-wung issued an apology on Wednesday, accepting blame for the mishap and saying it occurred due to his shortcomings in character judgment, management and supervision.

His resignation comes after two years and eight months in the post.

The Ministry of Patriots and Veterans Affairs stated that their audit revealed the current total of misappropriated funds to be in excess of 72-point-five million won, which Kim has decried as defamation.

A board meeting to name an acting chairman will convene on Thursday, and a general meeting to discuss the chairman’s impeachment will take place as scheduled on Friday.