IBK Employee Referred to Prosecution for 5 Billion KRW Improper Loan for Real Estate Investment

An employee at an IBK Industrial Bank branch has been referred to the prosecution on charges of executing an improper loan worth 5 billion KRW.

According to financial industry sources on July 3, the Seongdong Police Station in Seoul transferred the case of IBK employee A, who is suspected of occupational breach of trust, without detention in early May. A, who worked at an IBK branch in Seoul, is accused of issuing loans totaling approximately 5 billion KRW over about three months starting early last year, using a corporation registered under a family member's name for real estate investment purposes.

It was found that A exploited their position in charge of corporate loans, which allowed them to conduct loan reviews. The crime was reportedly uncovered through an internal audit by the bank.

An IBK official stated, "The misconduct was detected through an internal audit last year, and the employee in question has been dismissed through disciplinary action," adding, "All the loaned funds have been recovered."

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