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Photo = Yonhap news |
[Alpha Biz= Reporter Kim Sangjin] Prosecutors investigating allegations of improper loans granted to relatives of former Woori Financial Group Chairman Sohn Tae-seung conducted a second consecutive day of raids on Woori Bank’s headquarters.
The raids targeted the offices of current Woori Financial Group Chairman Lim Jong-ryong, Woori Bank President Cho Byeong-kyu, and the bank's loan-related departments, similar to the previous day.
Prosecutors reportedly initiated the additional raids to further examine loan-related documents. They are focusing on whether President Cho and other current executives were aware of the improper loans but failed to promptly report them to financial authorities.
The search warrant names President Cho as a suspect, and investigators are also scrutinizing Chairman Lim’s potential involvement.
In addition to the Financial Supervisory Service's finding of 350 billion won ($261 million) in improper loans to relatives of former Chairman Sohn, prosecutors have uncovered allegations of an additional 70 to 80 billion won in unlawful loans, which are now under investigation.
Over the past two months, three former executives of Woori Bank, including a former division head and former vice president, have been arrested and indicted, accelerating the inquiry.
Prosecutors plan to begin a full-scale investigation once the analysis of the seized materials is complete.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
