[Exclusive] National Tax Service Conducts Intensive Tax Audit on OK Financial Group Affiliates

[Asia Economy Reporters Kim Jin-ho and Song Seung-seop] It has been confirmed that the National Tax Service (NTS) is conducting a high-intensity tax investigation on subsidiaries of OK Financial Group. Since the tax investigation was carried out without prior notice, there is speculation that signs of tax evasion or internal transactions may have been detected. There are even opinions that the tax investigation could expand to cover the entire group in the future.

According to the savings bank industry on the 19th, dozens of NTS employees visited the Korea Chamber of Commerce and Industry, where the headquarters of OK Savings Bank is located, without prior notice around 10 a.m. the previous day.

A representative of OK Financial Group stated, “A tax investigation is currently underway,” and added, “We are unable to confirm any details related to this.” They also explained, “The company plans to actively cooperate to ensure the process proceeds smoothly.”

Industry insiders in the savings bank sector are paying attention to the fact that this tax investigation is irregular and was conducted unexpectedly. Normally, the NTS provides a 15-day prior notice to the target company before conducting a tax investigation. However, when there is suspicion of legal violations in tax matters or intelligence is received, a secret and swift investigation is carried out. Among internal employees, there are voices suggesting that there might have been a whistleblower.

A financial sector official said, “As far as I know, the tax investigation is mainly focused on the Japan-affiliated Aflo Financial,” and hinted, “Depending on the situation, there are concerns that OK Holdings or OK Savings Bank might also be included.”