(Breaking) Wando Agricultural Cooperative Head Suspected of Embezzling Tens of Millions in Subsidies... Audit Launched

Suspected Misappropriation of 57 Million Won in Ferry Operation Funds for Island Regions
NongHyup Conducts Audit of the Cooperative Since July 14
Comprehensive Investigation Expected, Including "Subsidy Usage Details"

A Wando agricultural cooperative is under suspicion of embezzling tens of millions of won in union leader subsidies. Photo by Lee Jungyeong

The National Agricultural Cooperative Federation (NongHyup) has launched a full-scale investigation in response to allegations that the head of a certain agricultural cooperative in Wando, South Jeolla Province, misappropriated tens of millions of won in subsidies for personal use (as reported in this newspaper on June 11).

Since July 14, the National Agricultural Cooperative Federation has been conducting a special audit of the Wando A Agricultural Cooperative.

It has been revealed that, although an internal audit last year found that 57 million won out of the 128 million won in "island ferry operation funds"?provided by the National Agricultural Cooperative Federation as support?had been arbitrarily used by the cooperative head, the cooperative overlooked and ignored this fact.

The "ferry operation funds" are earmarked business funds established to subsidize ferry fares for cooperative members living on islands within Wando, such as Geumil, Geumdang, and Saengildo.

The National Agricultural Cooperative Federation is reportedly conducting a detailed review of the overall operations of the A Agricultural Cooperative, including the use of the support funds in question.

Meanwhile, the head of the A Agricultural Cooperative stated, "The facts have simply been exaggerated by a few employees; this is not embezzlement."

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