Excessive Loans Due to Forged Real Estate Contract
Arrested at Office in Gwanak-gu, Seoul the Day Before
The prosecution has requested an arrest warrant for the brother-in-law of Son Tae-seung, former chairman of Woori Financial Group, in connection with allegations of improper loans involving Son's relatives.
The Financial Investigation Division 1 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Kim Su-hong) announced on the 6th that it has requested an arrest warrant for Kim, the brother-in-law of Chairman Son, who is accused of embezzlement and forgery of private documents.
According to the prosecution, Kim is suspected of embezzling funds from a company registered under his wife's name and inflating the purchase price through forged contracts during the acquisition of real estate via the company, thereby receiving excessive loans from Woori Bank (charges of embezzlement and forgery of private documents).
The request for the arrest warrant was made one day after Kim was arrested at an office in Gwanak-gu, following a search and seizure of his residence and office on the 27th of last month, just ten days prior.
The prosecution is expected to closely investigate the circumstances that led to the large-scale loans, as well as whether former chairman Son and the management at the time directly ordered or were aware of the improper loans.
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