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Jo Byung-gyu, CEO of Woori Bank (Photo: Yonhap News) |
[Alpha Biz= Reporter Kim Sangjin] On the 18th, prosecutors conducted a search of Woori Financial Group's headquarters and Woori Bank offices as part of their investigation into alleged improper loans to relatives of former Woori Financial Group Chairman Sohn Tae-seung. This has raised concerns about the impact on the group’s management.
The Seoul Southern District Prosecutor's Office, which is investigating the illegal loan case and subsequent actions, named Jo Byung-gyu, CEO of Woori Bank, as a suspect. Jo is under suspicion for failing to report the loans to financial authorities, a violation of the Specific Economic Crimes Act.
Although Woori Financial Group Chairman Lim Jong-ryong is not currently a suspect, prosecutors are reportedly investigating his possible involvement in the matter as well.
In August, financial authorities reported to prosecutors that Woori Bank had provided improper loans totaling 35 billion KRW to businesses linked to Sohn Tae-seung’s relatives from April 2020 to January 2024.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
