Shinhan Bank Faces Embezzlement Incident Involving Approximately 1.3 Billion KRW

Employee Disciplinary Action and Criminal Complaint

Shinhan Bank announced on the 22nd that a breach of duty incident involving approximately 1.34 billion KRW had occurred.

Shinhan Bank, Jung-gu, Seoul. Photo by Jinhyung Kang aymsdream@

Shinhan Bank discovered during an internal audit that an authorized approver excessively conducted corporate credit evaluations during the execution of corporate collateral loans, leading to reckless loan issuance. The incident occurred between March 5, 2022, and July 18 of this year.

Shinhan Bank took personnel actions against the employees involved in the incident and filed a criminal complaint.

A Shinhan Bank representative stated, "In line with the policy to strengthen internal controls, including the introduction of a responsibility structure, disciplinary actions were taken against the related employees," and added, "The criminal complaint was filed to recover some of the expected loss amount, as confirmed with the responsible department."