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IBK Industrial Bank of Korea (Image courtesy of IBK) |
[Alpha Biz= Paul Lee] IBK Industrial Bank of Korea has uncovered a fraudulent loan case amounting to approximately 4 billion KRW (about $2.9 million USD).
According to financial industry sources, IBK recently conducted an internal audit and found that seven employees, including the branch manager at a branch located in Gyeonggi Province, had issued loans over several years totaling more than 4 billion KRW to a company. The employees were found to have personally profited through interest and dividends from these loans.
IBK has since suspended the employees involved and reported the incident to the Financial Supervisory Service (FSS).
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
