Thailand Recorder

Latest News From Thailand

General

Head of Woori Financial apologizes for giving inappropriate loans to relatives of ex-chief

The head of Woori Financial Group Inc. on Monday apologized for giving inappropriate loans to relatives of a former chief, admitting that holes in its internal control system partly contributed to the incident. The apology by Yim Jong-yong, chairman of Woori Financial Group, came a day after the Financial Supervisory Service found that Woori Bank gave loans worth 61.6 billion won (US$45 million) to relatives of the financial group's former chairman. Of the total loans, 35 billion won was categorized as inappropriate loans because they were provided without proper screenings, according to the financial regulator. The loans were given to relatives of Son Tae-seung, who served as chairman of Woori Financial between 2020 and 2023. "I apologize with a desperate sense of urgency to our customers who maintain an unchanging faith in Woori Financial," Yim told an emergency meeting. Yim named "unlawful directions" and "misconduct of certain opportunistic employees" as reasons for the incident among others that he said included an "internal control system that still has loopholes." "This is a responsibility of the leaders of Woori Financial and Woori Bank, including myself," Yim said. The financial regulator said many of the loans made to the relatives of Son had been directed by the head of a Woori Bank branch office. Source: Yonhap News Agency