[Woori Bank Embezzlement] Woori Bank Employee Embezzles 50 Billion Won... Financial Supervisory Service and Police Investigating (Comprehensive)

Withdrawal of Money Three Times from 2012 to 2018
Company May Compensate as Funds Were from Electronics Firm

[Asia Economy Reporter Sim Nayoung] The police announced on the 28th that they have urgently arrested an employee suspected of embezzling 50 billion won from Woori Bank. The Seoul Namdaemun Police Station arrested the employee on the evening of the previous day at 10:30 PM after the employee turned himself in, on charges of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes (Special Economic Crimes Act).

Woori Bank filed a complaint with the police around 6 PM on the 27th, and the police began an investigation, during which they were reportedly taking measures such as banning the employee from leaving the country.

Woori Bank stated, "Money was withdrawn from the account in 2012, and regarding the circumstances at that time and subsequent management (money was withdrawn three times between 2012 and 2018, and the account was closed after the last withdrawal in 2018), detailed information is currently under internal investigation as well as being referred to investigative authorities."

They added, "Since the embezzled money may need to be reimbursed as it belongs to Entech Hap, an Iranian home appliance company, we are investigating the related details."

The Financial Supervisory Service (FSS) will immediately begin an inspection of Woori Bank in connection with this embezzlement case. A senior official from the FSS said, "We plan to start an inspection of Woori Bank within the day (28th)," adding, "It will be in the form of an unscheduled inspection." The FSS received a report about the incident from Woori Bank late the previous night.

An FSS official said, "We plan to ascertain the specific circumstances through the inspection," and added, "(The embezzled amount) is not a small sum, and the fact that such an incident occurred at a bank is a serious issue."

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 won.

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 recorded the highest amount at 6.76 billion won. This was followed by Busan Bank (4.5 billion won), Hana Bank (3.61 billion won), Kookmin Bank (490 million won), Woori Bank (400 million won), Shinhan Bank (270 million won), and Industrial Bank of Korea (80 million won).

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

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