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The nation’s top financial regulator decided to issue an institutional warning against Woori Bank for its failure to properly monitor a withdrawal of a large amount of money from the bank, sources said on Sunday.
The Financial Services Commission will punish the bank and its executive as the lender failed to follow a regulation calling for a mandatory report to financial authorities about a withdrawal of 300 million won or more, the sources said.
Former Mirae Savings Bank chairman Kim Chan-kyung, who was sentenced to a nine-year jail term for embezzlement, illegal loan provision and other irregularities, was found to have freely withdrawn 20.3 billion won ($18 million) from Woori Bank on May 3, 2012. Bank officials did not report Kim’s massive withdrawal of money until he was arrested while trying to escape to China.
Meanwhile, Woori Bank is undergoing a special probe by regulator Financial Supervisory Service over hundreds of allegations concerning borrowed-name accounts for CJ Group officials.
(joowonc@heraldcorp.com)
The Financial Services Commission will punish the bank and its executive as the lender failed to follow a regulation calling for a mandatory report to financial authorities about a withdrawal of 300 million won or more, the sources said.
Former Mirae Savings Bank chairman Kim Chan-kyung, who was sentenced to a nine-year jail term for embezzlement, illegal loan provision and other irregularities, was found to have freely withdrawn 20.3 billion won ($18 million) from Woori Bank on May 3, 2012. Bank officials did not report Kim’s massive withdrawal of money until he was arrested while trying to escape to China.
Meanwhile, Woori Bank is undergoing a special probe by regulator Financial Supervisory Service over hundreds of allegations concerning borrowed-name accounts for CJ Group officials.
(joowonc@heraldcorp.com)
