Im Jong-ryong, Chairman of Woori Financial Group, said on the 10th, "I sincerely apologize to the public for causing concern due to the improper loan incident involving former Chairman Sohn Tae-seung's relatives," adding, "I will establish a proper corporate culture with the mindset of standing at a cliff's edge."
On the 9th, at the Bankers' Hall, Lee Bok-hyun, Governor of the Financial Supervisory Service, and heads of financial holding companies and financial institutions held a New Year's financial issues meeting. After the meeting, Kang Seok-hoon, Chairman of the Korea Development Bank (left), and Im Jong-ryong, Chairman of Woori Financial Group, along with other representatives of the participating financial companies, are leaving the conference room. Photo by Heo Young-han younghan@
On the same day, Chairman Im appeared as a general witness at the National Assembly's Financial Services Committee plenary session held at the National Assembly building in Yeouido, Seoul, and regarding the cause of the financial accident, he stated, "I will change Woori Financial's corporate culture with the mindset of standing at a cliff's edge."
Regarding the suspicion of delayed reporting related to the improper loan incident involving former Chairman Sohn, Chairman Im said, "Through the first inspection, the bank officials involved were severely disciplined, and while conducting a second inspection after May, the Financial Supervisory Service also conducted an inspection, and we actively cooperated," adding, "Contrary to concerns, there was no protection of the former chairman or concealment or downplaying of the incident. We will sincerely cooperate to clarify the facts of the case."
He continued, explaining the causes of such frequent incidents: "First, while finance is becoming more complex and digitalized, the internal control system is not keeping up, and the corporate culture, which should be based on ethics, has not yet been properly established," emphasizing, "Resolving these two issues will ultimately prevent recurrence."
Additionally, in response to lawmakers' questions pointing out Woori Bank's unique organizational culture, Chairman Im said, "Given the nature of the integrated bank and the fact that it has not been privatized for a long time, there is indeed a factional and passive culture, so I believe this shadow culture must be eliminated," and added, "I will strive to establish a proper corporate culture."
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