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[Apha Biz=(Chicago) Reporter Paul Lee] The embezzlement of BNK Kyongnam Bank, which was originally known to be around 50 billion won, was found to be close to 300 billion won. This case is the largest ever embezzlement accident in the financial sector.
The Financial Supervisory Service announced on the 20th that the embezzlement of Lee (50), an employee of the Ministry of Investment and Finance, was confirmed to be KRW 2,988 billion. The amount of embezzlement by handling false loans amounted to 1,023 billion won and the amount of loan principal repayment funds by forging documents amounted to 1,965 billion won, respectively.
Lee, who led the embezzlement case, was found to have made false loan documents and carried out a large amount of loans even though PF loan borrowers did not ask for the handling of loans.
Lee was found to have used a large amount of embezzlement funds for gold bars, real estate purchases, children's study abroad, and stock investments. Lee, who has been in charge of project financing (PF) loans for 15 years, siphoned off a total of 298.8 billion won from 17 PF sites he had managed from May 2009 to July last year.
The FSS, which launched an emergency on-site inspection on July 21, confirmed allegations of embezzlement worth 50 billion won by early last month and later found additional charges of embezzlement through tests.
The Financial Supervisory Service said, "The massive embezzlement occurred because the entire internal control function of BNK Financial Group and Kyongnam Bank to prevent financial accidents did not work properly."
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
