Table of Contents
- 1 Prosecutors’ investigation focuses on the circumstances of ‘non-reporting to financial authorities’… There are also suspicions of additional illegal lending of large amounts of money.
- 2 Tracking of missing loan confirmations, inadequate evaluation of collateral, and misappropriation of loan funds… Currently 3 people indicted
- 3 What were the main responsibilities of your role as Deputy Vice President at Woori Bank during the loan distribution period?
Tracking of missing loan confirmations, inadequate evaluation of collateral, and misappropriation of loan funds… Currently 3 people indicted
<img src="https://img5.yna.co.kr/photo/yna/YH/2024/08/27/PYH2024082710410001300_P4.jpg" alt="Prosecutors search and seize Woori Bank‘s head office for ‘improper loan to Son Tae-seung‘s relatives'”/>
Prosecutors search and seize Woori Bank’s head office for illegal loans to Son Tae-seung’s relatives
(Seoul = Yonhap News) Reporter Ryu Young-seok = The Woori Bank main branch in Jung-gu, Seoul on the 27th while the prosecution, which is investigating suspicions of unfair lending to relatives of former Woori Financial Group Chairman Son Tae-seung, has begun a search and seizure of Woori Bank’s main branch and other offices. 2024.8.27 [email protected]
(Seoul = Yonhap News) Reporter Lee Dong-hwan and Lee Young-seop = Prosecutors have launched a search and seizure in connection with suspicions of unfair lending to a relative of former Woori Financial Group Chairman Son Tae-seung.
On the morning of the 18th, the Financial Investigation Division 1 of the Seoul Southern District Prosecutors’ Office (Chief Prosecutor Kim Soo-hong) conducted a surprise search and seizure of Woori Financial Group located at Woori Bank’s main branch in Jung-gu, Seoul in connection with suspicions of loan corruption at Woori Bank.
The main targets of search and seizure are related departments, including the offices of Woori Financial Group’s chairman and bank president.
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The prosecution sent prosecutors and investigators to secure internal documents, payment records, and computer data.
Prosecutors are focusing on the fact that Bank President Cho Byeong-gyu was aware of the process of unfair lending before taking office but did not immediately report it to the financial authorities after taking office.
It is interpreted that the investigation has been expanded to include current executives, including the bank’s President Cho, beyond the then-executives, including former Chairman Son Tae-seung, who are suspected of unfair lending.
On this day, it was confirmed that Bank Manager Cho was listed as a suspect in the search and seizure warrant. Former Chairman Son was also listed as a suspect when his home was searched and seized about a month ago.
Although current Chairman Lim Jong-ryong is not a suspect, the prosecution is known to be looking into his connection to this incident.
Previously, the financial authorities released the results of an on-site inspection in August showing that Woori Bank had made unfair loans worth 35 billion won to corporations or individual business owners related to former Chairman Son’s relatives from April 3, 2020, to January 16 of this year. handed over to the prosecution.
Prosecutors are investigating additional allegations of illegal lending in addition to the information received.
Prosecutors and financial authorities suspect that Woori Bank omitted to verify the authenticity of the loan documents or did not properly evaluate collateral and guarantees, and that former Chairman Son’s relatives who received the loan also misappropriated the loan for an unsuitable purpose.
This is the first time that prosecutors have conducted a search and seizure of Woori Financial Group in connection with an alleged unfair loan case.
Previously, the prosecution had searched and seized eight offices, including Woori Bank’s head office and Seolleung Financial Center in Gangnam-gu, and four residences of related individuals.
The prosecution plans to summon company officials and begin a full-scale investigation as soon as the analysis of the confiscated items is completed.
To date, three people have been brought to trial in connection with this incident. After former Chairman Son’s brother-in-law was arrested and indicted on September 24, the former head of Woori Bank last month and its former vice president were indicted one after another.
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2024/11/18 17:10 Sent
What were the main responsibilities of your role as Deputy Vice President at Woori Bank during the loan distribution period?
Guest 1: Former Woori Bank Deputy Vice President
Editor: Thank you for agreeing to this interview, Ms. Guest 1. As the former Deputy Vice President of Woori Bank, you were in a position with significant responsibility during the time period when the loans in question were distributed. Could you start by telling us about your role and responsibilities during that time?
Ms. Guest 1: As Deputy Vice President of Woori Bank, my primary responsibility was overseeing the company’s risk management and compliance. This included ensuring that all loans were being handled appropriately and within established guidelines, as well as monitoring any potential issues or red flags related to these transactions.
Editor: Can you comment on the specifics of the loans that were made to the relatives of former Chairman Son Tae-seung? What kind of due diligence was performed before these loans were approved, and were there any red flags that came up during the process?
Ms. Guest 1: Unfortunately, I cannot comment on the specifics of the loans as the investigation is ongoing. However, I can assure you that due diligence processes were followed for all loans in accordance with our internal policies and procedures. However, with hindsight, there may have been areas where additional scrutiny was warranted, especially given the connections of the borrowers.
Editor: It has been reported that there were suspicions of additional illegal lending of large amounts of money. Can you provide any insights into this possibility?
Ms. Guest 1: Again, I cannot comment on the specifics of the investigation. However, I can say that we take all allegations of illegal lending very seriously and will fully cooperate with the prosecution’s investigation to ensure that any wrongdoing is brought to light.
Editor: The prosecution has also expressed concerns about the tracking of missing loan confirmations and misappropriation of funds. What do you think can be done to prevent these types of issues from occurring in the future?
Ms. Guest 1: Tracking loan confirmations and ensuring proper use of funds are essential responsibilities for any financial institution. We will continue to strengthen our internal controls and procedures to prevent such issues from happening in the future. This includes
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