3 Billion KRW Loan Executed in 2018
Fully Repaid in 2022 for Real Estate Purchase Funds
Assemblyman Shin Jang-sik: "Need to Inspect for Procedural Issues"
It was recently confirmed that loans related to former Woori Financial Group Chairman Sohn Tae-seung's relatives were also executed at Woori Investment & Securities.
According to data submitted by Woori Investment & Securities to Assemblyman Shin Jang-sik of the Innovation Party on the 8th, a loan worth approximately 300 million KRW was executed in November 2018 to a corporation related to former Chairman Sohn's relatives. The loan was for real estate purchase funds with an interest rate of 6.5% per annum.
The loan was identified through an internal investigation by Woori Investment & Securities following an announcement by the Financial Supervisory Service, and the loan principal was fully repaid by the end of February 2022.
Woori Investment & Securities stated that during the process of conducting an internal audit with Woori Financial Group, there was one related loan, but no illegal or improper matters were found in the loan execution and principal repayment process. However, Assemblyman Cho speculates that this loan, despite being related to former Chairman Sohn's relatives, may not have been reported to financial authorities because the principal was repaid.
Assemblyman Shin said, "The execution of a loan itself cannot be problematic solely because it involves the chairman's relatives," adding, "Even if the loan repayment was completed during the financial authorities' inspection, a thorough examination should be conducted to determine whether there were any procedural issues in the loan execution."
He continued, "Since illegal loans to financial group chairmen's relatives are likely not limited to Woori Financial Group, financial authorities need to prepare plans for expanded inspections of all financial groups."
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