3 days Ago By Lee Jun-sung
A financial fraud incident involving 2.5 billion won has occurred at Woori Bank. According to the financial sector on November 19, Woori Bank announced on the 15th that a financial incident suspected to be fraud occurred due to the submission of falsified documents by an external party.
The incident amount stands at 2.5 billion won, with the incident date recorded as March 14. It began when a customer, who received a discount on a redevelopment commercial property, applied for a loan at the original price before the discount was applied.
Woori Bank explained that the fraud was discovered "through an internal investigation following a tip-off." The expected loss is yet to be determined, with the collateral valued at approximately 3.321 billion won.
The bank plans to file a lawsuit against the involved external party. This is the fourth financial incident disclosed by Woori Bank this year. In June, an embezzlement incident involving 10 billion won occurred at a branch in Gimhae, Gyeongnam.
An employee, identified as Deputy A, reportedly embezzled loan funds by forging loan applications and deposit-related documents. Subsequently, Woori Bank replaced its compliance officer responsible for internal controls and promised measures to prevent recurrence. Additionally, in August, the bank disclosed a financial incident involving improper loans linked to relatives of former Woori Financial Group Chairman Son Tae-seung.
The incident, worth 16.5 billion won, was reported late to financial authorities. On September 30, Woori Bank disclosed another financial incident, involving 5.
559 billion won, which occurred between July 2 and August 1. This incident, related to residential officetel division loan fraud, was reportedly caused by an external party. Despite achieving full privatization at the end of 2021, Woori Financial faces skepticism about its corporate culture, which is perceived as driven more by factionalism and government influence rather than meritocracy.
In the financial sector, there are calls to eliminate a culture where internal promotions and external influences outweigh competence. However, significant factional conflicts persist..
