Woori Bank CEO apologizes for recent embezzlement case

Woori Bank CEO Lee Won-duk / Courtesy of Woori Financial Group

By Anna J. Park

Woori Bank CEO Lee Won-duk apologized over the recent embezzlement of 61.4 billion won ($48.4 million) by a bank employee, adding that the bank will do its best to win back customer trust.

“The bank will take every possible measure to cooperate with the authorities in its investigation to get to the bottom of the embezzlement case,” Lee told reporters in central Seoul on Tuesday, before attending a joint meeting with Financial Supervisory Service (FSS) Governor Jeong Eun-bo, along with 16 other bank chiefs.

Yet he did not provide any further details about the case. “Currently, the police investigation and the FSS inspection are both underway,” he said. “It would be inappropriate to comment further on the case.”

On Tuesday afternoon, FSS Governor Jeong met with CEOs from 17 local banks, including KB, Shinhan, Hana, NongHyup, Kakao and K among others, at the Korea Federation of Banks headquarters in central Seoul, urging the bank bosses to focus on risk management amid growing global uncertainties.

In particular, the FSS chief called on them to take necessary measures to examine their respective internal controls issues so as to prevent similar incidents.

“The recent financial incident (that took place at Woori Bank) is a serious matter that harms consumer trust in regard to the banking industry,” Jeong said during the meeting.

“After thoroughly investigating the case at the bank, the FSS plans for strict punitive measures against those who are responsible and seek institutional improvements in order to modify any problems within the bank's internal control systems.”