Saemaeul Geumgo Central Association Conducts Full Inspection of Small Safes... Embezzlement and Bribery Detected
[Asia Economy Reporter Bu Aeri] The National Credit Union Federation of Korea announced on the 25th that it detected and took action against financial incidents such as embezzlement and bribery during a special inspection of small credit unions nationwide.
The National Credit Union Federation of Korea conducted a special comprehensive inspection of 201 small credit unions nationwide for two months from June 9 to the 12th, following an embezzlement incident at a Saemaeul Geumgo in Songpa, Seoul, in accordance with Article 79 of the Saemaeul Geumgo Act.
During this inspection, three credit unions with incidents were identified, leading to personnel actions and criminal charges. At a credit union in Jeonbuk, embezzlement of 1.6 million KRW occurred, and the person responsible faced personnel measures. In a credit union in Gangwon, embezzlement and breach of trust amounting to 14.8 billion KRW took place.
At a Saemaeul Geumgo in Seoul, an employee was reported for receiving bribes totaling approximately 170 million KRW as loan referral fees. (▶Refer to our August 11 article [Exclusive] Another Corruption Scandal at Saemaeul Geumgo, This Time Employee Received 170 Million KRW in Bribes)
A representative of the National Credit Union Federation of Korea said, "We are sorry and regretful about the consecutive financial incidents," adding, "We will thoroughly handle the prosecution of those involved and work to strengthen inspection and supervision functions."
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Meanwhile, the Ministry of the Interior and Safety announced that starting from the 26th, it will implement comprehensive measures to strengthen the soundness of Saemaeul Geumgo to eradicate financial incidents such as embezzlement and improper loans. The ministry plans to mandate the introduction of a mandatory leave system for all credit unions, strengthen checks on the rotation period and concurrent positions of internal control officers, and expand the scope of credit unions required to operate internal control teams (from assets of 500 billion KRW to 300 billion KRW).
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