Assemblyman Jeong Heeyong: Financial Accidents at Agricultural and Livestock Cooperatives Ultimately Harm Farmers

Financial Accidents at Agricultural and Livestock Cooperatives Total 96.1 Billion Won Over the Past Five Years
North Gyeongsang Province Records Highest Losses at 31.8 Billion Won
Incidents Involving Embezzlement and Fraud by Cooperative Employees
Recovery Rate of Financial Losses Remains at Just 44%

According to data obtained by Assemblyman Jeong Heeyong of the People Power Party (representing Goryeong, Seongju, and Chilgok in North Gyeongsang Province, and a member of the National Assembly's Agriculture, Food, Rural Affairs, Oceans, and Fisheries Committee) from Nonghyup Bank, a total of 285 financial accidents, amounting to 96.1 billion won, occurred at agricultural and livestock cooperatives over the past five years (from 2020 to September 2025).

Assemblyman Jeong Heeyong emphasized that the National Agricultural Cooperative Federation must implement drastic measures to eradicate the financial accidents that occur repeatedly every year. Photo by Assemblyman Jeong Heeyong's Office

By region, North Gyeongsang Province accounted for the largest share of the total losses at 31.8 billion won (33%), followed by Gyeonggi Province with 28.9 billion won (30%), South Chungcheong Province with 7.7 billion won (8%), South Jeolla Province with 6.6 billion won (6%), and Seoul with 5 billion won (5%).

However, of the total 96.1 billion won in financial losses, only 53.4 billion won has been recovered so far, resulting in a recovery rate of just 44% as of September 2025.

While some regions such as Daejeon, Busan, Jeju, and North Chungcheong Province have achieved a 100% recovery rate, the recovery rates remain low in areas with larger losses: North Gyeongsang Province (45%), Gyeonggi Province (41%), South Chungcheong Province (20%), South Jeolla Province (65%), and Seoul (56%).

By type of incident, out of the total 285 financial accidents, there were 80 cases of embezzlement, 58 cases of private financial lending, 42 cases of unauthorized access to and leakage of personal information, 24 cases of fraud, and 23 cases of violations of the Real Name Financial Transaction System, among others.

Assemblyman Jeong Heeyong stated, "Financial accidents at agricultural and livestock cooperatives ultimately risk causing harm to the cooperative members, who are farmers," and emphasized, "Nonghyup Bank must implement drastic measures to eradicate the financial accidents that have been recurring every year."

This content was produced with the assistance of AI translation services.