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View of Woori Bank. (Photo=Woori Bank) |
[Alpha Biz= Reporter Kim Jisun] A former vice president of Woori Bank has been arrested for allegedly facilitating illegal loans to relatives of Sohn Tae-seung, the former chairman of Woori Financial Group.
On October 31, Judge Jung Won of the Seoul Southern District Court granted an arrest warrant for the former executive, identified as Seong, citing concerns over potential evidence tampering and flight risk. Seong, who is currently serving as a representative of a Woori Bank affiliate, faces charges under the Act on the Aggravated Punishment of Specific Economic Crimes for breach of duty.
In contrast, the court rejected the arrest warrant for Woori Bank executive Kang, also involved in the case, on the grounds that his right to defense should be protected, and there was insufficient risk of evidence destruction or escape.
The charges stem from allegations that between 2020 and 2022, the executives approved improper loans for entities linked to Sohn’s relatives, amounting to 35 billion KRW (about $26 million). The investigation, launched following findings from the Financial Supervisory Service, has already led prosecutors to search Sohn’s residence earlier this month.
Previously, prosecutors indicted Sohn’s brother-in-law, Mr. Kim, on September 24 on charges including embezzlement and document forgery. Another former Woori Bank executive, Mr. Lim, was also indicted on October 15 for leading the improper loan activities.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
