[Economy 365]
IBK Industrial Bank of Korea has disclosed a financial accident amounting to 9.44 billion won following loans and investments made to a power semiconductor company.
The CEO of the company is currently under police investigation on charges of embezzling funds from the Korea Development Bank by manipulating financial statements and submitting fraudulent tax invoices.
IBK proceeded with the transactions despite knowing about the CEO's past record of financial incidents at another company where they previously served as president, without separately verifying the past management history.
Following the disclosure of the incident, the bank concluded that there were no anomalies in the lending process and did not separately inspect the equity investment process.
IBK stated that no abnormal signs were detected in external audit materials and other related documents.
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