Woori Bank Faces 10 Billion Won Loan Embezzlement Incident... Branch Employee Turns Themselves In

Assessing Damage Amount and Accident Details

Woori Bank has experienced a financial incident involving approximately 10 billion KRW.

According to the financial sector on the 10th, Woori Bank discovered that about 10 billion KRW of customer loan funds were embezzled at a branch in a provincial area and is currently investigating the exact amount of damage and the circumstances of the incident.

Branch employee Mr. A is reported to have diverted loan funds by forging loan applications and deposit-related documents from early this year until recently, and invested the money in overseas futures and other assets.

Mr. A's investment losses are currently estimated at about 6 billion KRW.

Woori Bank, Jung-gu, Seoul. Photo by Jinhyung Kang aymsdream@

According to Woori Bank, this incident was detected by its internal control system. Mr. A surrendered to the police on the day, and Woori Bank dispatched a special investigation team to the branch to ascertain detailed circumstances and recover the embezzled funds.

Future audits, claims for damages, and reviews of internal control processes are expected to follow.

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