Kwon Seong-dong "MG Saemaeul Geumgo, is 'Makga' really a credit union... Need to fix the loose structure"

As the Saemaeul Geumgo crisis, which showed signs of a 'bank run' due to a sharp rise in delinquency rates, enters a stabilization phase, Kwon Seong-dong, a member of the People Power Party, raised his voice, saying, "The reckless structure of Saemaeul Geumgo must be reformed."

On the 10th, Kwon posted on his social media, "It is fortunate that the government’s all-out effort led to an early containment, but we cannot overlook the reckless management of Saemaeul Geumgo that caused this situation," adding, "To establish a stricter supervisory system than now, we need to seriously discuss transferring the supervisory authority from the Ministry of the Interior and Safety to the Financial Services Commission."

He pointed out, "Since its founding, Saemaeul Geumgo has grown over 60 years to a financial asset size of 284 trillion won and 22.62 million transaction customers. However, some branches have exposed problems such as election fraud, embezzlement, non-performing loans, and collusion with political circles," and added, "Among the 28,891 employees of 1,294 branches nationwide, a staggering 47% are executives."

He continued, "The central association chairman’s annual salary reaches about 650 million won, and full-time executives earn about 530 million won, receiving enormous high salaries. No wonder the nickname is ‘God’s Treasurer,’" criticizing, "If Saemaeul Geumgo has been criticized for reckless management and corruption for decades and even caused a bank run, the executives’ high salaries deserve criticism."

Lawmaker Kwon emphasized, "Under the guise of being a mutual financial institution for ordinary people, Saemaeul Geumgo has postponed self-innovation, caused its own crisis, and the executives have held a lavish high-salary money party," adding, "Now, the reckless structure of Saemaeul Geumgo must be fundamentally reformed."

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