Im Seok, Former Chairman of Solomon Savings Bank, Booked on Usury and Assault Charges
[Asia Economy Reporter Jang Sehee] Im Seok (60), former chairman of Solomon Savings Bank, has been booked by the police on charges of demanding usurious money from a debtor and using violence after his release from prison.
The Seoul Suseo Police Station recently received a complaint from Mr. A accusing former chairman Im of attempted extortion under the Act on the Aggravated Punishment of Specific Economic Crimes, injury, and violation of the Interest Limitation Act, and has launched an investigation.
Former chairman Im is accused of visiting the office of a real estate development company operated by Mr. A in Gangnam-gu, Seoul, on the 28th of last month, and repeatedly assaulting Mr. A, causing injuries.
He is also charged with lending Mr. A a total of 7.2 billion KRW over five occasions from October 2019 to April 2021, and extorting a total of 3.03 billion KRW in interest at an annual rate of 36%, exceeding the legal maximum interest rate of 20%.
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However, former chairman Im is known to deny the related charges. Previously, in 2014, the Supreme Court sentenced him to five years in prison for creating slush funds by inflating bank branch construction costs and conspiring with group executives to order non-performing loans.
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