Employee of Saemaeul Geumgo Arrested on Suspicion of Illegal Commission Fees

[Image source=Yonhap News]

An employee of Saemaeul Geumgo was arrested on charges of illegally paying fees related to real estate project financing (PF) loans.

On the 30th, the Seoul Eastern District Court issued an arrest warrant for Noh, a person in charge of the lending group, who is accused of violating the Act on the Aggravated Punishment of Specific Economic Crimes (breach of trust).

The court judged that there is a "risk of evidence destruction and flight" regarding Noh.

Noh, a former branch manager of Saemaeul Geumgo, is accused of paying approximately 880 million won in loan consulting fees to consulting firms established under the names of the spouses and acquaintances of A, a former employee of the central association, and B, an employee of another branch.

This amount is known to have been the sum that the Saemaeul Geumgo lending group was supposed to receive at the time of executing the PF loan for the development of the Cheonan Baekseok area, led by Korea Investment & Securities in April last year. The scale of the PF loan is said to reach 80 billion won.

The prosecution began a forced investigation on the 28th, including raids on eight locations, such as the Saemaeul Geumgo Central Association. Subsequently, the prosecution filed an arrest warrant for Noh on the same day.

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