Suhyup Rejects Fishermen's Loan Requests, Grants Billions to Deutsche Motors and Sarang Jeil Church

100 Billion Won Unsecured Loan to Deutsche Motors at 5.9% Interest
65 Billion Won Lent to Sarang Jeil Church Led by Pastor Jeon Kwanghoon
Geum Moonju: "Suhyup Has Become a Channel for Power Interests... Calls for Investigation and Reform"

Geum Moonju, member of the Democratic Party of Korea.

The National Federation of Fisheries Cooperatives (Suhyup), a cooperative established for the benefit of fishermen, has been criticized for allegedly ignoring loan requests from fishermen and returnees to fishing communities, while granting large loans to controversial entities such as Deutsche Motors, which is currently on trial for stock price manipulation, and Sarang Jeil Church, which has been at the center of social controversy. This has led to accusations that Suhyup has devolved into a conduit for power-driven interests.

According to an analysis of audit data submitted by Suhyup to Assemblyman Geum Moonju of the Democratic Party of Korea (representing Goheung, Boseong, Jangheung, and Gangjin in South Jeolla Province) on October 27, 2024, Buan Suhyup refused to provide feed funding loans to inland fishermen, citing a "high delinquency rate for the product," and Gyeongju Suhyup rejected a loan application for start-up funds from a returnee to the fishing industry, stating that it "does not handle returnee loan work."

Feed costs are a core component of fishery operating expenses, and loan refusals effectively mean a halt to fishing operations. These cases are being interpreted as clear evidence of the passive attitude of some Suhyup branches toward supporting fishermen.

In contrast, it was revealed that in March 2023, at the height of the stock price manipulation allegations involving Kim Keonhee, Suhyup Bank provided an unsecured credit loan of 10 billion won to Deutsche Motors.

Suhyup explained that "the loan was legal and at an interest rate similar to that of commercial banks," but criticism has arisen over the preferential nature of this low-interest, unsecured loan, especially since other commercial banks had required collateral for similar loans.

Furthermore, it was confirmed that this year, Suhyup Bank and its branches extended a total of 54 billion won in loans to Deutsche Autoworld, an affiliate of Deutsche Motors.

Additionally, in June last year, Jinhae Suhyup and Gangwon Goseong-gun Suhyup provided a total of 6.5 billion won in loans (5 billion won from Jinhae Suhyup and 1.5 billion won from Gangwon Goseong-gun Suhyup) to Sarang Jeil Church, which was founded by Pastor Jeon Kwanghoon and has repeatedly sparked social controversy with its extreme political statements. Critics argue that it is difficult to understand why a cooperative for fishermen would proactively extend such large loans to an organization that is constantly embroiled in debates over political neutrality.

Assemblyman Geum stated, "Rejecting loans that are directly linked to the survival of fishermen, while granting tens of billions of won to power-driven corporations and politically controversial organizations, fundamentally denies the very reason for Suhyup's existence." He further pointed out, "Suhyup is turning the hard-earned money of fishermen into a channel for power interests." He urged, "Suhyup must no longer bow to power, but instead return to its original role of serving fishermen," calling for a thorough investigation and fundamental reforms.