12 Billion won Breach of Trust Case at Kookmin Bank

 

 

By Steve Yoon

 

The Financial Supervisory Service launched an on-site inspection after an employee of KB Kookmin Bank conspired with a brokerage agency and a loan broker to manipulate real estate mortgage loan documents and obtain a loan of 12 billion won. Kookmin Bank plans to file a criminal complaint against the employee involved.

 

According to the financial authorities, Kookmin Bank recently admitted that it had a financial accident worth 12.03846 billion won due to business breach of trust. The Financial Supervisory Service was said to begin an on-site inspection of the main branch on the 3rd after receiving a report on Kookmin Bank's financial accident.

 

The incident occurred between May 7, 2021 and December 2 last year, and it was reported that the financial accident was revealed through internal staff reporting. 

 

Immediately after receiving the report from Kookmin Bank, the Financial Supervisory Service started to conduct on-site inspections of Kookmin Bank’s headquarters and others from that day.

 

The accident was officially revealed as a result of the bank’s own inspection, as it was found out that the real estate mortgage loan documents in charge of a team leader-level employee of a branch office in a local branch were fabricated. It is known that real estate agencies and loan brokers, including loan officers, were involved in the process of executing false loans.

 

The financial authorities said, “After receiving and examining the results of the self-inspection, we determined that the scale of the case was large and started an on-site inspection.” 

 

An official from Kookmin Bank refused to comment on that issue further saying "

The matter is currently being inspected by the financial authorities"

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12 Billion won Breach of Trust Case at Kookmin Bank (sankyungtoday.com)

12 Billion won Breach of Trust Case at Kookmin Bank