[Alpha Biz=(Chicago) Reporter Kim Jisun] Lotte Card employees were found to have colluded with their suppliers to cause a breach of trust worth 10 billion won.

The Financial Supervisory Service said on the 29th that it has recently conducted an on-site inspection on alleged breach of trust by Lotte Card employees and filed a complaint with the prosecution against two Lotte Card employees and representatives of partner companies on the 14th.

The Financial Supervisory Service launched an on-site inspection on the 6th, two days after Lotte Card reported its employee's alleged breach of trust on the 4th of last month. According to the FSS's inspection, two employees of Lotte Card's marketing team colluded with the head of the partner company and were suspected of breach of duty after forcing Lotte Card to pay 10.5 billion won to the partner company under a poor alliance contract.

These marketing team employees were found to have misappropriated 6.6 billion won out of 10.5 billion won through paper companies and family companies and spent it on investing in real estate development and purchasing automobiles and gift certificates.

During the crime, Lotte Card's internal control did not work properly. Lotte Card's marketing team leader and team members colluded with representatives of their suppliers to select the company as a credit card product promotion partner.

Lotte Card signed an unusual promotion partnership contract that pays 16,000 won per card issuing member, even though the contents of the promotion contract are unclear and there is no means to check promotion performance, and paid 10.5 billion won to the company from October 2020 to May this year.

The FSS estimates that only part of the funds were used by its partners to implement the promotion contract, and that the use of 3.9 billion won will be revealed through the prosecution's investigation.

As a result, the FSS took stern measures against executives and employees responsible for Lotte Card's internal control failure and instructed them to check and improve the overall internal control system.

In addition, all credit card companies were required to report anything unusual after self-checking for similar cases.

 

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