[2022 National Audit] Yoon Jong-won, Bank President, "Will Take Corresponding Responsibility for Discovery Fund"

[Image source=Yonhap News]

[Asia Economy Reporters Song Hwajeong and Yoo Jehoon] Yoon Jong-won, President of Industrial Bank of Korea, stated that he will take corresponding responsibility according to the legal outcome as the prosecution is currently investigating the Discovery Fund case.

On the 20th, during the National Assembly's Political Affairs Committee audit, Kang Ming-guk, a member of the People Power Party, criticized, "According to the prosecution's indictment, the Discovery Fund is a notorious fraud scheme that used new investment funds to cover redemption payments to existing investors and even employed fund splitting tactics to evade regulations. How can a state-run bank sell such a fund?"

In response, President Yoon said, "The Dispute Mediation Committee ruled that we bear 40-80% responsibility, and currently about 55% of customers have agreed as we explain the situation to them. We are following the prescribed procedures, and since the prosecution's investigation is ongoing, we will take corresponding responsibility according to the legal outcome."

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