Banking Sector SGI Guaranteed Loans Temporarily Suspended... "Waiting with Packed Belongings, Complaints Pouring In"

[Financial News] An error occurred in the SGI Seoul Guarantee's network, temporarily suspending related loan executions by all banks. As SGI's guarantee certificate issuance operations are halted, banks are unable to execute the related loan cases. With all banks temporarily suspending related loans, complaints from financial consumers waiting to settle balances with this product are pouring in.
According to the financial industry on the 14th, Seoul Guarantee Insurance (SGI) posted a notice on its website stating, 'Due to an emergency system failure, the services provided by our company are not operating smoothly. We are currently working swiftly to restore them.' 
An SGI representative said, "We are currently unable to determine whether it is related to ransomware or the cause of the error," adding, "The recovery time is also uncertain."
A representative from a commercial bank said, "Due to the system failure of Seoul Guarantee Insurance, the issuance of guarantee certificates related to collateral loans and lease loans is delayed, causing inconvenience to some customers who were scheduled to execute loans today," adding, "As this issue is caused by a system issue on the part of Seoul Guarantee Insurance, we are waiting for the institution's measures."
Another bank representative explained, "A customer who was about to settle the balance in front of the house with all their belongings packed is in a situation where they are helpless due to the paralysis of guarantee certificate issuance," adding, "After informing them that there is no way to help, the contract parties adjusted the balance date to tomorrow." He added, "Amidst the pouring complaints, the uncertainty of the recovery time by Seoul Guarantee Insurance is increasing customer dissatisfaction."


mj@fnnews.com Park Munsu Reporter