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FSS to Begin On-Site Inspection of Woori Bank on Wednesday over Embezzlement

Written: 2024-06-11 16:20:16Updated: 2024-06-11 16:31:17

FSS to Begin On-Site Inspection of Woori Bank on Wednesday over Embezzlement

Photo : YONHAP News

The Financial Supervisory Service will begin an on-site inspection of  a branch of Woori Bank in Gimhae on Wednesday after the embezzlement of around 10 billion won, or about seven-point-two million U.S. dollars, was reported.

The financial regulator announced it would review the situation on Tuesday and begin a full-scale inspection the following day.

The inspection comes as an employee working at the Woori Bank branch in Gimhae embezzled loan funds by falsifying loan applications and deposit-related documents from the beginning of the year. He then invested the stolen funds in overseas securities futures.

When Woori Bank detected abnormalities in the loan process through monitoring and asked the employee for an explanation, the employee turned himself in to the police.

Woori Bank plans to announce the exact amount and circumstances of the incident as soon as it's known.

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