Gwangju Bank Employee's 1 Billion Won Embezzlement Belatedly Revealed...Criminal Complaint Filed

Gwangju Bank Launches Audit

Exterior view of Gwangju Bank.

It was belatedly revealed that an employee of Gwangju Bank committed embezzlement amounting to over 1 billion won two years ago.

According to Gwangju Bank's disclosure information on November 19, an employee, referred to as Mr. A, from the department related to regional development, embezzled loan interest and other funds between May and November 2023, resulting in a financial incident totaling 1,064 million won.

The bank estimated the expected loss that is unlikely to be recovered at 909 million won.

Gwangju Bank reportedly detected the issue during a recent internal review of project finance (PF) loan interest rates.

Gwangju Bank has placed Mr. A on suspension, filed a criminal complaint, and is currently conducting an audit.

A representative from Gwangju Bank stated, "The Investment Finance Support Team discovered the embezzlement while conducting an internal review of PF loan interest rates, and an additional audit is underway," adding, "Based on the audit results, we will improve and supplement any system shortcomings, enhance compliance awareness among executives and employees, and strengthen financial ethics education."