The Financial Supervisory Service (FSS) said that from April 3, 2020 to January 16 this year, Woori Bank’s employees executed 42 loans totaling 61.6 billion won for Sohn’s relatives and businesses they are related to.The lending includes 45.4 billion won in 23 loans for companies, where former and current chief executives and key shareholders are Sohn’s relatives.The remaining 16.2 billion won was transacted for 19 loans of nine borrowers, who are not Sohn’s relatives but suspected to have helped his relatives use the money, the FSS said.Among the total of 61.6 billion won, 35 billion won in 28 loans was found to have been improperly made without following standards and procedures during the lending screening and follow-up processes, the financial watchdog added.
South Korea’s financial watchdog said on Sunday it has found that Woori Financial Group, the fourth-largest financial holdings group in the country, had lent a combined 35 billion won ($25.6 million) improperly to former Chairman Sohn Tae-Seung’s relatives and companies they are involved with.
The financial watchdog said it takes Woori Financial’s improper lending seriously and recognizes that the internal control of the holding group and the bank didn’t work properly under the current system, where the authority is concentrated on the chairman.
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