[2021 National Audit] Jung Eun-bo, Financial Supervisory Service Chief: "Samsung Securities Illegal Credit Extension... Currently Under Investigation"

Jeong Eun-bo, Governor of the Financial Supervisory Service, attended the National Assembly's audit on the Financial Services Commission held by the National Assembly's Political Affairs Committee on the 21st, responding to questions from lawmakers. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Park Jihwan] Jung Eun-bo, Governor of the Financial Supervisory Service, stated on the 21st, "We are currently investigating Samsung Securities' illegal credit extension, and once the results are out, we will disclose the specific details."

Governor Jung made this remark during the National Assembly's Public Administration and Security Committee's audit of the Financial Services Commission and the Financial Supervisory Service, responding to Democratic Party lawmaker Park Yong-jin's criticism that "the inspection results regarding Samsung Securities' illegal credit extension amounting to 10 billion KRW have been elusive for over a year."

Lawmaker Park said, "Over the past year, every time the standing committee convened, I have criticized the delayed inspection related to Samsung Securities' illegal credit extension of 10 billion KRW," adding, "Looking back, it seems the financial authorities become particularly timid in front of Samsung."

Park pointed out, "From 2015 to 2017, Samsung Securities illegally extended credit totaling 15.8 billion KRW to 14 registered executives of affiliated companies," and "Among them, three executives used loans amounting to 7.4 billion KRW to purchase shares of Samsung Biologics."

In response, Governor Jung said, "The amount of 7.4 billion KRW is somewhat accurate," but added, "We are conducting a detailed and extensive investigation, and once the results and specific details are revealed, we will make them public."

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