Gyeongnam Bank's '56.2 Billion KRW PF Loan Embezzlement Incident'... Financial Supervisory Service On-Site Inspection (Breaking News)
At Gyeongnam Bank, a project financing (PF) loan embezzlement amounting to 56.2 billion KRW occurred. On the 2nd, according to the Financial Supervisory Service (FSS), the FSS confirmed the allegations and launched an on-site inspection.
Gyeongnam Bank recognized the embezzlement allegation of 7.79 billion KRW from PF loan repayment funds during an internal audit of an employee (the person involved) in the investment finance department on the 20th of last month and reported it to the FSS. Accordingly, the FSS began an emergency on-site inspection on the 21st of last month and additionally confirmed 48.4 billion KRW in embezzlement and misappropriation by this employee. The total scale of the incident amounts to 56.2 billion KRW.
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The employee embezzled 779 million KRW by transferring the principal and interest of PF loans, which had already become non-performing, to third-party accounts such as family members from August 2016 to October 2017 through occasional repayments.
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