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[Apha Biz=(Chicago) Reporter Paul Lee] Financial authorities have ordered all banks to conduct their own inspections regarding project financing (PF) loans. This is to check for similar cases in the wake of the embezzlement of PF loans worth more than 50 billion won at BNK Kyongnam Bank.
According to the financial sector on the 2nd, the Financial Supervisory Service ordered all banks of KB Kookmin Bank, Shinhan Bank, Hana Bank and Woori Bank to check their own PF fund management status.
After receiving reports from each bank on its own inspection, the FSS will then switch to on-site inspections if problems are found in real estate PF fund management.
The move comes after the FSS launched an emergency on-site inspection of Kyongnam Bank from the 21st of last month, confirming the alleged embezzlement and misappropriation of employees related to PF loans worth 56.2 billion won so far.
Kyongnam Bank conducted its own audit and reported to the FSS on the 20th of last month after recognizing the alleged embezzlement of KRW 7.79 billion in PF loan repayment funds by employee A.
The Financial Supervisory Service launched an emergency on-site inspection on the 21st of last month, the next day, and has confirmed an additional 48.4 billion won in embezzlement and misappropriation charges so far.
According to the Financial Supervisory Service's investigation and inspection, A has been in charge of real estate PF affairs for about 15 years from December 2007 to April this year.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
