Woori Bank Employee Arrested for Embezzling 61.4 Billion Won... Police Also Seek Warrant for Brother

[Image source=Yonhap News]

An employee of Woori Bank who embezzled 61.4 billion won of company funds has been arrested. On the 30th, Judge Yang Hwan-seung of the Seoul Central District Court issued an arrest warrant for Woori Bank employee A, citing "concerns of evidence destruction and flight."

A, who came out after the pre-arrest detention hearing (warrant substantive examination) at around 2:40 p.m., told reporters, "I admitted to the charges (in court)" and apologized, saying, "I am sorry for causing trouble."

He was urgently arrested by the police on the 28th on charges of embezzling approximately 61.4 billion won of company funds in three instances between 2012 and 2018 (embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes).

At the time of the embezzlement, A was in the Corporate Improvement Department. Most of the embezzled funds are known to be contract deposits that Woori Bank had to return to Entekhap, an Iranian home appliance company that participated in the sale of the former Daewoo Electronics.

While tracking the flow of funds through A’s account, the police detected clues that some of the embezzled money flowed into the business funds of A’s younger brother B, and arrested B on the same charges the day before. B is reported to have suffered a loss of about 8 billion won while promoting a golf resort development project in New Zealand.

The police stated that they consider the younger brother a co-conspirator and have applied for an arrest warrant on the same charges. B’s warrant substantive examination is expected to be held as early as the 1st of next month.

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