'Son Tae-seung's Relatives' Improper Loans' Woori Bank Former and Current Executives at Risk of Arrest

Two current and former executives of Woori Bank, accused of involvement in improper loans to relatives of former Woori Financial Group Chairman Sohn Tae-seung, are at a crossroads regarding detention.

The prosecution, investigating allegations of improper loans to relatives of former Woori Financial Group Chairman Sohn Tae-seung, conducted a search and seizure at the Woori Bank headquarters in Jung-gu, Seoul, last August. (Photo by Yonhap News)

According to the legal community on the 31st, Judge Jeong Won, in charge of warrants at the Seoul Southern District Court, held a pre-arrest detention hearing (warrant substantive examination) at 2 p.m. for current Woori Bank executive A and former executive B, who are accused of violating the Act on the Aggravated Punishment of Specific Economic Crimes (breach of trust).

According to the prosecution, A worked at Woori Bank's headquarters from 2020 to 2022 and is suspected of approving improper loans to relatives of former Chairman Sohn. A is currently reported to be on standby. B is known to have been responsible for credit supervision at the time.

The prosecution is investigating allegations that Woori Bank executed improper loans amounting to 35 billion won to corporations related to former Chairman Sohn's relatives from April 2020 to January this year. On the 11th, authorities also conducted a search and seizure at former Chairman Sohn's residence and other locations.