 |
Photo = Yonhap news |
[Alpha Biz= Paul Lee] Seoul, June 2 — Woori Bank announced that a financial fraud incident has occurred at its Indonesian subsidiary, Bank Woori Saudara, involving a suspected scam by a local mid-sized export company.
According to a disclosure on the bank’s official website, Woori Bank detected irregularities during a routine verification process conducted via its Global Internal Control Platform, which monitors international branches and subsidiaries.
The suspicious activity involved potentially fraudulent letters of credit (L/Cs) submitted by the Indonesian exporter. The total amount of the questionable L/Cs is estimated at USD 78.5 million (approx. KRW 107.8 billion). However, the actual financial loss remains undetermined at this stage.
Upon identifying signs of abnormal transactions, Woori Bank dispatched senior members of its global operations team to Indonesia to investigate the matter and initiate risk mitigation measures, including legal steps to secure the bank’s claims.
The implicated company is reported to have expressed a strong intention to repay, presenting a repayment schedule and corresponding funding plans.
Woori Bank stated it will continue efforts to minimize potential losses and enhance its global risk management protocols to prevent similar incidents in the future.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
