Kim Byung-hwan on Demand for Full Investigation of Unfair Loans by Commercial Banks: "Focus First on FSC Inspection"

National Assembly Economic Sector Government Questioning
Kim Byunghwan "Prosecutor Capacity Must Also Be Considered... Full Investigation Is Difficult"

Financial Services Commission Chairman Kim Byung-hwan is giving a briefing on household debt at the Government Seoul Office in Jongno, Seoul, on the 6th. Photo by Jo Yong-jun jun21@

Kim Byung-hwan, Chairman of the Financial Services Commission, expressed his position on the demand to conduct a full-scale investigation into the improper loans involving relatives of Sohn Tae-seung, former chairman of Woori Financial Group, extending to the other five major commercial banks. He stated that priority will be given to the ongoing inspections of Woori Financial Group and Woori Bank.

On the 11th, Chairman Kim responded to the demand for a full investigation made by Oh Ki-hyung, a member of the Democratic Party of Korea, during the National Assembly's economic sector questioning, saying, "I think we should first focus on the ongoing inspections of Woori Financial Group and Woori Bank." Previously, Representative Oh had inquired that a full investigation should be conducted not only on Woori Bank but also on other commercial banks regarding the improper loans involving relatives.

Chairman Kim added, "The Financial Supervisory Service's inspection is currently underway, and we must also consider the inspection capacity," and further stated, "We need to think about priorities, so it is difficult to conduct a comprehensive investigation at this time."

Regarding the question of whether a full investigation could be considered after the Financial Supervisory Service's inspection is completed, Chairman Kim said, "It is a situation where I cannot give a definite answer."