Saemaeul Geumgo Suffers 42.8 Billion Won Loss Due to Employee Embezzlement and Breach of Trust Financial Scandal

Over the past five years, financial accidents such as embezzlement, breach of trust, and fraud committed by executives and employees of Saemaeul Geumgo have resulted in damages exceeding 42.86 billion KRW.

According to data submitted by the Ministry of the Interior and Safety to Yang Bu-nam, a member of the National Assembly's Public Administration and Security Committee from the Democratic Party of Korea, from 2019 to August of this year, there were 68 financial accidents committed by executives and employees at Saemaeul Geumgo nationwide, with total damages amounting to 42.862 billion KRW.

By type, 'embezzlement' (52 cases) accounted for the largest amount at 27.177 billion KRW. This was followed by 'breach of trust' (8 cases) at 8.613 billion KRW, 'fraud' (6 cases) at 6.873 billion KRW, and 'bribery' (2 cases) at 199 million KRW.

By year, the damages fluctuated with 17.196 billion KRW in 2020, 3.026 billion KRW in 2021, 16.491 billion KRW in 2022, and 724 million KRW in 2023.

This year, from January to August, seven embezzlement cases alone occurred, resulting in damages of 1.08 billion KRW.

Yang Bu-nam stated, "The continued financial accidents at Saemaeul Geumgo even after the announcement of the management innovation plan in November last year indicate the Ministry of the Interior and Safety's inadequate supervisory system," and added, "The Ministry should consider this the last golden opportunity and strive to strengthen the management, supervision, and internal controls of Saemaeul Geumgo."