Prosecutors raid Woori Bank over allegations of improper loans

The prosecution on Tuesday raided Woori Bank's headquarters and branch offices in connection with allegations of huge inappropriate loans extended to relatives of a former chief of its holding company. Prosecutors and investigators from the Seoul Southern District Prosecutors Office searched eight bank offices, including the head office in central Seoul and a southern Seoul branch, and four residences, which are all related to the allegations. Woori Bank is suspected of having offered inappropriate loans worth 35 billion won (US$26.3 million) to corporations and individual business owners related to the relatives of Son Tae-seung, former chairperson of the Woori Financial Group, from April 3, 2020, to Jan. 16 this year. Prosecutors suspect the loan-related documents and collateral were improperly evaluated. Son headed the group, which controls Woori Bank, from 2020 to 2023. Source: Yonhap News Agency