Prosecutors have launched additional compulsory investigations related to the loan corruption case involving relatives of Son Tae-seung, former chairman of Woori Financial Group.
According to the legal community on the 11th, the Financial Investigation Division 1 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Kim Su-hong) is conducting searches and seizures at nine locations, including Son's former chairman's residence, four offices of current and former Woori Bank officials, and five residences. This is the third round of searches following consecutive raids on August 27 and 28.
According to the prosecution, Woori Bank, a subsidiary of Woori Financial Group, executed loans totaling 61.6 billion KRW from April 3, 2020, to January 16 of this year to corporations, individuals, or sole proprietors related to Son's relatives. Of this amount, 35 billion KRW is alleged to have been improperly loaned based on false documents or collateral without value. A significant portion of these preferential loans was issued during the period when Son served as chairman of Woori Financial Group.
In connection with this, Kim, a brother-in-law of former chairman Son, was indicted while in custody on the 24th of last month. Kim faces charges including embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes, forgery of private documents, and use of forged private documents.
Additionally, Lim, a former head of a Woori Bank division who is suspected of leading the improper loans to Son's relatives, was also detained on the 27th of last month.
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