Lim Jong-ryong "Repeated Apologies for Unfair Loans... Will Humbly Accept Investigation Results"

Im Jong-ryong to Hold Emergency Executive Meeting on the 28th

Im Jong-ryong, Chairman of Woori Financial Group, stated on the 28th regarding the improper loan incident involving relatives of former Chairman Sohn Tae-seung and the suspicion of delayed reporting, "Once the investigation or prosecution results are out, the executives and employees, including myself and the bank president, will humbly follow the appropriate measures and procedures."

[Image source=Yonhap News]

Chairman Im held an emergency executive meeting at the headquarters in Jung-gu, Seoul, that morning and said, "I sincerely apologize once again for causing great concern to the public and our customers due to the improper loans related to the relatives of the former chairman."

Regarding the search and seizure conducted at the headquarters and other locations related to this incident the previous day, Chairman Im requested, "Please fully cooperate without concealment with the investigations by the Financial Supervisory Service and the prosecution so that this matter can be clearly understood."

He then urged the holding company and the bank to "accelerate a more in-depth review and establishment of alternatives for the ongoing internal control system" and added, "Please also focus on devising thorough measures to establish a proper corporate culture."

Chairman Im also instructed the executives and employees respectively, "In the field operations, provide financial services to customers with greater care, and ensure that various initiatives in the headquarters proceed as planned," and requested, "Management should actively step forward to prevent employees, who were greatly disappointed by this incident, from becoming excessively discouraged."

Meanwhile, regarding the stock purchase agreement (SPA) signed that morning to acquire Dongyang Life Insurance and ABL Life Insurance, Chairman Im said, "This is to improve the group portfolio, which has been concentrated mainly on banks, and following the securities company launch on the 1st, it is a very important task for the group." He added, "There are many procedures left, including business plan establishment and approval from financial authorities. Please do your best to carry these out smoothly."

This content was produced with the assistance of AI translation services.