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Photo: NongHyup Bank |
[Alpha Biz= Paul Lee] Chungbuk, South Korea – August 4, 2025 – A branch manager of a local Nonghyup bank in Chungbuk Province has been caught purchasing approximately KRW 10 million (USD 7,700) worth of local currency vouchers under the names of acquaintances over the past three months.
According to Nonghyup officials, the misconduct was uncovered during an internal audit conducted by the regional headquarters. The manager, referred to as “A,” admitted to making the purchases using other individuals’ names, claiming verbal consent had been obtained. However, Nonghyup concluded that the actions constituted a violation of internal policy and placed the manager on administrative leave pending disciplinary action.
The local government that issued the vouchers is also considering filing a formal complaint with the police, citing potential charges of breach of trust and misuse of identity.
The local currency in question is a paper-based voucher sold at a discount of 7% to 10% from face value. These vouchers are widely used to promote regional consumption and support small businesses. The monthly purchase limit for individuals was raised from KRW 500,000 to KRW 700,000 last month to stimulate spending amid an economic downturn.
A Nonghyup spokesperson stated, “We are taking this matter seriously and will follow due disciplinary procedures. Additional inspections will be conducted to ensure the integrity of our local currency operations.”
Local governments and Nonghyup are also expected to enhance oversight and enforcement mechanisms to prevent similar incidents and maintain public trust in the local voucher system.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
