Appraisers’ Association: “Strict Compliance with the Law Is the Only Solution to KB Kookmin Bank’s Illegal Appraisals”

7th Protest Rally to Be Held in Front of KB Kookmin Bank’s New Building on the 25th

The Korea Association of Property Appraisers will hold the 7th protest rally condemning KB Kookmin Bank’s illegal in-house property appraisal activities.

The association announced on the 24th that it will hold a protest rally against KB Kookmin Bank’s illegal encroachment on the property appraisal market on the 25th in front of the new building of KB Kookmin Bank in Yeouido, Seoul.

The association explained, “The issue, which has been repeatedly pointed out by financial authorities and during National Assembly audits since 2020, remains unresolved,” adding, “Due to Kookmin Bank’s irresponsible attitude, we had no choice but to continue holding large-scale protest rallies for the seventh time.” Since the first rally on September 29, about 300 appraisers have gathered at each event, demanding that Kookmin Bank cease its illegal in-house property appraisal practices.

Scene from the 6th Kookmin Bank Protest Rally. Korea Association of Property Appraisers

The Ministry of Land, Infrastructure and Transport has also sided with the association. In September, the ministry issued an authoritative interpretation stating, “In-house property appraisals by financial institutions constitute a violation of the Appraisal Act.”

The association maintains that compliance with the law must come first before any discussion of mutual cooperation can take place. It argues that discussing temporary measures while Kookmin Bank continues to violate the Appraisal Act could actually lead to greater financial risks and increased social costs.

Yang Gilsu, President of the association, said, “Kookmin Bank’s illegal appraisal activities are not simply a dispute among stakeholders, but a serious violation of the rule of law that undermines trust in the financial economy and the protection of citizens’ property rights.” He added, “If Kookmin Bank claims to be the people’s bank, it must strictly comply with the Appraisal Act instead of condoning illegal practices.”

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