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Photo = Nonghyup Bank |
[Alpha Biz= Kim Jisun] SACHEON, South Korea, June 10 — A large-scale embezzlement case involving billions of won has been uncovered at a local branch of the National Agricultural Cooperative Federation (NongHyup) in Sacheon, South Gyeongsang Province. One individual connected to the case was found dead.
According to Sacheon Police on Monday, the embezzlement was discovered during an internal audit that revealed irregularities in the cooperative’s agricultural chemical transactions. NongHyup management requested documentation and an explanation from employee Mr. A, who was responsible for the relevant operations. However, Mr. A went missing on June 2 and was found dead the following day in a nearby mountain area.
NongHyup suspects Mr. A orchestrated a scheme in which payments were made to pesticide suppliers for non-existent purchases, with portions of the funds allegedly returned and misappropriated. The embezzlement is estimated to total approximately KRW 730 million (USD 530,000), spanning from May 2022 to the present.
The cooperative has filed a complaint with the police against the head of the pesticide company involved in the transactions. Authorities are currently reviewing documentation provided by NongHyup and interviewing relevant parties to determine the full scope of the incident.
NongHyup has also requested an official audit from its central federation. The police are continuing their investigation into the total amount of financial damage and the involvement of any additional parties.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
