Market
Authorities, Woori Bank missed W61b swindle despite 11 audits
May 2, 2022
South Korea’s financial authorities failed to notice a mammoth embezzlement scheme at a top bank here, in which an employee withdrew a combined 61.4 billion won ($48.84 million) from 2012 to 2018, despite carrying out 11 audits during the period, sources said Monday. Police arrested the employee surnamed Jeon, who is in his 40s, last Wednesday mere hours after Woori Bank had reported the theft. Jeon -- who had worked at Woori Bank for almost a decade -- turned himself in. The employee