Industrial Bank of Korea's 20 billion-dollar breach of trust...Financial Supervisory Service on-site inspection

The Financial Supervisory Service is conducting an on-site inspection due to an accident of 20 billion won at IBK Industrial Bank.

The Industrial Bank of Korea announced that there was a breach of trust accident worth 23.95 billion won.

The accident was found to have been caused by inflating the price of real estate collateral and giving out more loans.

Illegal loans were made from June 2022 to November last year, and it is known that heads of branches and centers of various IBK branches in Gangdong-gu, Seoul, were involved.

The Industrial Bank of Korea said it confirmed the fact through its own inspection and reported it to the Financial Supervisory Service.

Accordingly, the Financial Supervisory Service has been conducting on-site inspections at the headquarters of the Industrial Bank of Korea since the 3rd.

IBK officials said they will exclude the person in charge of the loan and the branch manager from their work and file a criminal complaint.