Saemaeul Geumgo Central Association Launches Investigation into Employee Sexual Harassment and Political Donation Coercion in the Savings Sector

The National Credit Union Federation of Korea announced on the 22nd that it will commence a joint sector inspection with the Ministry of the Interior and Safety regarding allegations of sexual harassment by the chairman and coercion of political donations involving employees at a Saemaeul Geumgo branch in Dongdaemun-gu, Seoul.

The key inspection areas include the appropriateness of allowance for bad debts, the scale of corporate and joint loans, the scale of out-of-area loans, organizational culture, and the operation of internal control systems. In particular, Saemaeul Geumgo branches where organizational culture incidents such as workplace power abuse (sexual harassment) and coercion of improper political involvement like political donations have occurred will be prioritized for inspection.

The Federation issued an official letter to all Saemaeul Geumgo branches the day before regarding the ‘Prohibition of Unfair Political Involvement by Executives and Employees’ in connection with the recent allegations of forced political involvement.

A representative of the National Credit Union Federation of Korea stated, “We hope that through the sector inspection, Saemaeul Geumgo will improve its organizational culture and actively respond to risk management to restore public trust.”

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