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[Apha Biz=(Chicago) Reporter Paul Lee] Kyongnam Bank embezzled more than KRW 50 billion in large-scale real estate project financing (PF) loans.
The Financial Supervisory Service pointed out PF loans through Kyongnam Bank inspections in the past, but failed to find out the embezzlement accident by focusing on asset soundness.
The embezzlement case, which occurred while working in a department for more than a decade, was a far cry from Woori Bank's embezzlement accident last year, which also overshadowed the internal control innovation plan announced by the FSS last year.
The Seoul Central District Prosecutors' Office sent prosecutors and investigators to about 10 places, including the residence and office of A (50), head of the real estate investment finance department at Kyongnam Bank on the morning of the 2nd.
In June, the Financial Supervisory Service was briefed by Kyongnam Bank on the progress of its investigation into A's other criminal charges and had him conduct its own audit. As a result, the Financial Supervisory Service confirmed the embezzlement of 7.79 billion won in PF loan repayment funds, and began an emergency on-site inspection on the 21st of last month.
On the 31st of last month, a total of 12 people from two inspection teams were deployed at Kyongnam Bank's headquarters in Changwon, South Gyeongsang Province, to check overall internal control over high-risk tasks such as PF loans. In the process, an additional 48.4 billion won in charges of embezzlement and misappropriation was found, and the total amount of accidents was confirmed to be 56.2 billion won (preliminary).
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
