Son Tae-seung, chairman of Woori Financial Group (photo = Woori Finance)

 

[Alpha Biz= Reporter Kim Sangjin] On the 12th, Lim Jong-ryong, Chairman of Woori Financial Group, issued an official apology for the improper loans involving the relatives of former chairman Son Tae-seung. During an urgent executive meeting attended by Woori Bank President Cho Byeong-kyu and other former executives, Lim expressed his sincere apologies, stating, "I apologize with a sense of urgency and responsibility, as the current management, including myself, is fully accountable."

The Financial Supervisory Service (FSS) revealed on the 11th that a total of 61.6 billion won in loans were issued to relatives of Son Tae-seung, with approximately 35 billion won being processed improperly, bypassing standard procedures.

This scandal comes on the heels of a separate embezzlement case involving over 10 billion won at Woori Bank, further compounding the challenges for the financial group. The chairman's apology reflects the gravity of the situation.

Lim stated that the causes of the incident include "improper directives, incorrect business practices, opportunistic behavior by some employees, and ongoing weaknesses in the internal control system," emphasizing the need for thorough introspection and reform. He urged for a comprehensive review and overhaul of practices to prevent future occurrences.

He also pledged full cooperation with the investigation and stressed the importance of clarifying any doubts based on factual evidence.

Bank President Cho expressed a deep sense of responsibility, acknowledging the seriousness of the past issues and committing to addressing and rectifying the identified problems to ensure such incidents do not recur.

 

 

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