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Kang Ho-dong, Chairman of NH NongHyup (Photo: Yonhap News Agency)
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[Alpha Biz= Reporter Kim Joonhyun] South Korean police have launched a full-scale investigation into NH NongHyup Chairman Kang Ho-dong over allegations of accepting bribes.
According to Alpha Biz' reporting on July 21, the Seoul Metropolitan Police Agency’s Anti-Corruption Investigation Division has officially opened a probe into suspicions that Chairman Kang accepted approximately KRW 100 million (USD 72,000) in bribes.
Chairman Kang is alleged to have received the money in two separate payments around December 2023 from a distributor (referred to as Mr. A) linked to NongHyup Distribution.
Mr. A is suspected of having provided illicit campaign funds to Chairman Kang via former NH NongHyup Vice Chairman Yoo Chan-hyung in exchange for securing business interests related to NongHyup Distribution.
If found guilty under Korea’s Special Act on Bribery, penalties could include imprisonment or fines exceeding KRW 30 million.
Collusion between NH NongHyup’s top executives and regional cooperative leaders has long drawn public criticism as a chronic issue within the organization.
Critics point out that there are few effective mechanisms in place to supervise or restrain such misconduct.
There are also concerns that in many cases, internal corruption at local agricultural cooperatives goes unreported or is covered up due to the tightly knit nature of regional communities.
Chairman Kang previously came under scrutiny for appointing close allies to top positions across key NH NongHyup subsidiaries, including:
– Kang Tae-young, CEO of NH NongHyup Bank
– Park Byung-hee, CEO of NH NongHyup Life Insurance
– Song Chun-soo, CEO of NH NongHyup Property & Casualty Insurance
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