Real Estate Speculation Financial Response Team: "Buksiheung Nonghyup, No LH Loan Regulation Violations"

[Asia Economy Reporter Kwangho Lee] The Special Financial Response Team for Real Estate Speculation announced that there were no violations of financial regulations related to loans given by Buksiheung Nonghyup to employees and relatives of the Korea Land and Housing Corporation (LH).

On the 16th, the Special Financial Response Team stated, "As a result of on-site inspections and checks conducted by the Financial Supervisory Service, no violations of financial regulations were found in the handling of loans for 9 LH employees and 2 relatives. However, due to the nature of the loans, there is suspicion of illegal activities such as speculation by public institution employees, and related information will be provided to investigative authorities."

The Special Financial Response Team is currently proceeding with necessary procedures after the inspection regarding whether there were any regulatory violations in loans other than those to LH employees. If illegal speculation charges are found, the case will be promptly referred to investigative authorities for swift handling.

The Financial Response Team explained, "In the case of the Nonghyup Bank Sejong Government Complex branch, there is a possibility of violations of laws such as the Farmland Act related to real estate speculation suspicions involving public officials and other borrowers who received loans," adding, "Related information will also be provided to investigative authorities."

Furthermore, they mentioned, "Based on the analysis of the overall non-residential mortgage loan status in the financial sector and reports received at the illegal loan reporting center, we plan to rapidly expand inspections related to speculation suspicions."

The Financial Response Team emphasized, "Regarding land-secured loans and others, financial companies are strengthening the review and analysis of suspicious transactions such as tax evasion and money laundering reported to the Financial Intelligence Unit," and added, "We will actively respond by providing information to investigative agencies upon discovering any charges."

This content was produced with the assistance of AI translation services.