Woori Financial Savings Bank Embezzles 200 Million Won of Company Funds... Financial Supervisory Service Issues 'Institutional Warning' Notice

The Financial Supervisory Service (FSS) has issued a 'Institutional Warning' to Woori Financial Savings Bank following an embezzlement incident.

According to the FSS on the 9th, Woori Financial Savings Bank was recently notified of an institutional warning, a fine of 100 million KRW, and one case requiring voluntary corrective action due to reasons including embezzlement of funds and violation of the obligation to maintain the accuracy of credit information.

An employee, Mr. A, at Woori Financial Savings Bank embezzled 234 million KRW from company funds between February 2015 and October 2020 by falsely generating other miscellaneous fees, temporary payments, suspense receipts, and deferred loan ancillary costs.

Additionally, from January to December 2021, Woori Financial Savings Bank registered delinquency information with credit information companies for 16 borrowers who had filed for personal rehabilitation, despite the occurrence of reasons for delinquency information registration, court suspension and prohibition orders, and decisions to commence personal rehabilitation procedures.

According to the Credit Information Use and Protection Act, savings banks must manage the registration and modification of credit information to ensure the accuracy and timeliness of credit information.

Meanwhile, the FSS imposed fines of 100 million KRW and 12 million KRW respectively on Hanwha Savings Bank and Smart Savings Bank for violating the 'obligation to maintain the accuracy of credit information.'