NH Nonghyup Bank Faces Embezzlement Incident Involving 6.4 Billion KRW

Two Financial Scandals Worth 5.3 Billion and 1.1 Billion Discovered Through Tips and Internal Audits
110 Billion Won Financial Scandal Also Occurred Last March

NH Nonghyup Bank confirmed two additional cases of excess loan financial accidents following those in March.

On the 22nd, Nonghyup Bank announced that two financial accidents occurred, involving forgery of official documents and breach of duty, respectively. The amounts involved were 5.344 billion KRW and 1.10225 billion KRW, totaling 6.44625 billion KRW.

Specifically, at Nonghyup Bank's Branch A, an excess loan of approximately 299 million KRW occurred due to failure to verify forged official documents by the debtor and an overvaluation of real estate prices. At Branch B, an estimated loss of 150 million KRW resulted from overvaluation of real estate prices.

On March 5, Nonghyup Bank experienced a financial accident involving breach of duty due to excess loans amounting to 10.947 billion KRW. Following ongoing audits, the bank identified additional similar financial accidents and disclosed them.

A Nonghyup Bank official stated, "We recognize the seriousness of the matter and will take a zero-tolerance approach, including criminal charges and disciplinary dismissal for illegal acts." The official added, "To prevent similar cases, we will enhance our work systems and do our best to prevent recurrence through employee accident prevention training."