[Woori Bank Embezzlement] "The Company May Have to Return 50 Billion Won to Iran Entekhab"

Money Withdrawn Three Times from 2012 to 2018
Woori Bank "Actively Cooperates with Investigation"

[Asia Economy Reporter Sim Nayoung] Regarding the urgent arrest of a Woori Bank employee suspected of embezzling 50 billion KRW, it is known that the embezzled money was funds of the Iranian home appliance company Entechap, which Woori Bank was in charge of during the sale of the former Daewoo Electronics in 2010-2011. Woori Bank may have to return the 50 billion KRW to Entechap, and the company is investigating the matter at the corporate level. A related disclosure is also expected to be released.

Due to the aftermath of the 50 billion KRW embezzlement incident involving a Woori Bank employee, Woori Financial Group's stock price showed weakness on the stock market on the 28th. As of 10:10 AM that day, Woori Financial Group was trading at 14,950 KRW on the KOSPI, down 2.29% from the previous day. Early in the session, it even dropped to 14,350 KRW, down 6.21%.

A Woori Bank official stated, "The money was withdrawn in three installments from 2012 to 2018, and the account was closed after the last withdrawal in 2018," adding, "Details such as the circumstances at the time when money was withdrawn from the account in 2012 and subsequent management are currently under internal investigation, and we have requested an investigation by law enforcement agencies. We will actively cooperate with the investigation."

The police announced on the 28th that they had urgently arrested an employee suspected of embezzling 50 billion KRW from Woori Bank the previous day. The Seoul Namdaemun Police Station said that around 10:30 PM the previous day, the employee surrendered and was urgently arrested on charges of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes.

Woori Bank filed a complaint with the police around 6 PM on the 27th, and the police began an investigation and were reportedly in the process of imposing travel restrictions on the employee. The employee is suspected of embezzling approximately 50 billion KRW of company funds. A police official said, "The employee voluntarily came to the police station and surrendered, and we are investigating how the embezzled money was used," adding, "After a detailed investigation, we will consider applying for an arrest warrant."

Meanwhile, it was revealed that the amount of financial accidents such as financial fraud, breach of trust, and embezzlement that occurred in banks last year reached 11.63 billion KRW.

According to data titled '2021 Financial Accident Status by Industry and Type' received by Rep. Yoon Chang-hyun of the People Power Party from the Financial Supervisory Service, NongHyup Bank had the highest amount at 6.76 billion KRW. It was followed by Busan Bank (4.5 billion KRW), Hana Bank (3.61 billion KRW), Kookmin Bank (490 million KRW), Woori Bank (400 million KRW), Shinhan Bank (270 million KRW), and Industrial Bank of Korea (80 million KRW).

By type, embezzlement and misappropriation amounted to 6.76 billion KRW, breach of trust 4.19 billion KRW, and fraud 680 million KRW, in that order.

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