Daegu District Prosecutors' Office Conducts Search of DGB Daegu Bank... Involved in Real Estate Fraud Case of Cambodian Local Corporation

[Image source=Yonhap News]

[Asia Economy Yeongnam Reporting Headquarters Reporter Dongguk Lee] On the 4th, the prosecution conducted a search and seizure of DGB Daegu Bank in connection with allegations of real estate fraud involving its local subsidiary in Cambodia.

At around 9 a.m. that day, the Daegu District Prosecutors' Office sent investigators to the headquarters and the second headquarters' global business departments of Daegu Bank to carry out the search and seizure.

The search and seizure were reportedly conducted in relation to a case where Daegu Bank filed a complaint in March accusing local Cambodian employees of breach of trust concerning a real estate contract accident in Cambodia.

Earlier, DGB Daegu Bank was known to have paid 13.5 billion KRW as a down payment to its local subsidiary, DGB Specialized Bank (SB), during the process of purchasing real estate in Cambodia last year, but failed to recover the amount.

Regarding this matter, one media outlet reported that Kim Tae-oh, chairman of DGB Financial Group, is scheduled to be summoned by the prosecution for investigation, while Daegu Bank announced it would take legal action, calling the report "false information dissemination."

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