Woori Bank Employee Involved in 61.4 Billion Won Embezzlement Faces Apartment Seizure

[Image source=Yonhap News]

[Asia Economy Reporter Kim Young-won] The apartment of Woori Bank employee Mr. A, who is under arrest and investigation for embezzling 61.4 billion won, has been subject to provisional seizure.

According to the legal community on the 4th, Judge Song Hye-young of the Seoul Central District Court Civil Division 54-2 accepted Woori Bank's application for provisional seizure of real estate against Mr. A on the 2nd. Mr. A, an employee of the Corporate Improvement Department at Woori Bank headquarters, is accused of embezzling a total of approximately 61.4 billion won from company funds in three separate instances between 2012 and 2018.

Most of the funds embezzled by Mr. A are known to be contract deposits received from an Iranian home appliance company that had previously attempted to acquire Daewoo Electronics. Since the contract was not finalized, Woori Bank, which was the lead bank for the sale, held the funds.

After the bank filed a complaint against Mr. A with the police on the 27th of last month, he surrendered himself and was arrested on the 30th of the same month. Mr. A's younger brother, who received investment for a New Zealand golf resort development project using some of the embezzled funds, was also arrested on charges of conspiracy. It is reported that during the police investigation, Mr. A stated that he used the embezzled money for derivative products and investments in his brother’s business, and that most of it was lost.

The police are investigating the financial accounts of the A brothers to trace the flow of funds and to determine whether there are other accomplices. Earlier, Woori Bank stated, "We plan to minimize the loss amount through active measures such as provisional seizure of discovered assets and recovery of embezzled funds."

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