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Photo = Woori Bank |
[Alpha Biz= Paul Lee] SEOUL, South Korea – June 11, 2025 — Former Woori Bank CEO Cho Byung-kyu has been cleared of allegations that he failed to report knowledge of illicit loans allegedly orchestrated by former Woori Financial Group Chairman Son Tae-seung, according to legal sources on Tuesday.
The Seoul Southern District Prosecutors' Office announced that its Financial Crimes Division 1 (Chief Prosecutor Kim Soo-hong) issued a "no charges" decision on April 26, citing insufficient evidence to support accusations of violating reporting obligations under the Act on the Aggravated Punishment of Specific Economic Crimes.
Prosecutors had been investigating whether Cho, who assumed the role of CEO in July 2023, became aware of suspicious lending practices linked to Son and failed to alert authorities. In November last year, prosecutors raided Woori Bank’s headquarters, including Cho’s office, in connection with the probe.
Despite these efforts, investigators were unable to obtain conclusive evidence to substantiate the claims.
Former Chairman Son was indicted without detention in January on charges of illegally arranging KRW 51.7 billion (approx. USD 37 million) in loans over 23 transactions between September 2021 and August 2023 to a company run by his brother-in-law. Son has denied any wrongdoing.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
