Only 60% of Bank Embezzlement Cases Are Criminally Prosecuted... Recovery Rate Also Low

Shinhan Bank Filed Complaints for Only 2 out of 14 Cases
NH Nonghyup Bank's Recovery Rate Remains Low at 5.4%

Provided by Hwang Unha, Office of the Democratic Party of Korea

[Asia Economy Reporter Minwoo Lee] It has been revealed that just over half of the embezzlement incidents that occurred in the banking sector over the past five years were criminally reported.

According to the 'Bank Embezzlement Incident Status (2017~2022)' data submitted by the Financial Supervisory Service to the office of Assemblyman Hwang Unha of the Democratic Party of Korea on the 21st, there were 65 embezzlement incidents: Hana Bank 18 cases (6,995.4 million KRW), NH Nonghyup Bank 15 cases (2,917 million KRW), Shinhan Bank 14 cases (568.4 million KRW), Woori Bank 10 cases (73,657.1 million KRW), and KB Kookmin Bank 8 cases (305.8 million KRW).

Of these, only 61.5% (40 cases) were actually reported. Hana Bank reported 16 cases (88.9%), KB Kookmin Bank 6 cases (75%), NH Nonghyup Bank 12 cases (80%), but Woori Bank only 4 cases (40%). Shinhan Bank reported only 2 cases, accounting for just 14.3%. This has led to criticism that legal measures were insufficient.

The recovery status of embezzled funds is as follows: Hana Bank 4,635.9 million KRW (66.3%), Shinhan Bank 498.9 million KRW (87.8%), Woori Bank 805 million KRW (1.1%), and KB Kookmin Bank 91.5 million KRW (29.9%). In the case of Woori Bank, the low recovery rate is attributed to a recent large-scale embezzlement incident. NH Nonghyup Bank, which has the lowest recovery rate, recovered only 157.1 million KRW (5.4%) out of approximately 2.9 billion KRW embezzled.

Assemblyman Hwang stated, "Bank embezzlement incidents occur repeatedly every year and have become a social problem, yet the lack of criminal reporting and complacent response are problematic," adding, "Embezzlement incidents must be eradicated through comprehensive measures including internal process improvements and strengthened punishments."

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