'Son Tae-seung Illegal Loan Approval' Former Woori Bank Vice President, Trial While Detained
Seong Yun-je, former vice president of Woori Bank, who is accused of approving illegal loans to relatives of former Woori Financial Group Chairman Sohn Tae-seung, was indicted while in custody on the 18th.
On the same day, the Financial Investigation Division 1 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Kim Soo-hong) announced that former Vice President Seong was indicted in custody on charges of violating the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (breach of trust) related to the illegal loan case at Woori Bank.
According to the prosecution, former Vice President Seong is accused of approving illegal loans totaling approximately 15.4 billion KRW in four instances between September 2022 and May of last year. He has been under investigation in custody since being detained by the prosecution on the 31st of last month.
The prosecution is investigating allegations that Woori Bank issued illegal loans amounting to 35 billion KRW to corporations or individual business owners related to relatives of former Chairman Sohn from April 2020 to January of this year. Additionally, it is known that they are looking into suspicions of further large-scale illegal loans.
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Following a search and seizure of former Chairman Sohn’s residence and other locations on the 11th of last month, the prosecution also conducted searches targeting current executives including Im Jong-ryong, Chairman of Woori Financial Group, and Cho Byung-kyu, President of Woori Bank, on this day. According to relevant laws, if illegal acts by financial institution employees are discovered, they must be reported to the Financial Supervisory Service. Financial authorities and investigative agencies suspect that Woori Financial Group’s management, having learned of the related matters around April, failed to report and neglected to take measures such as recovering bad loans, suggesting an attempt to conceal the incident.
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