IBK President Jang Min-young: “I take the concern caused by financial incidents seriously ... and will strengthen response systems”

[Financial News] Jang Min-young, president of IBK, said he takes seriously the large-scale financial incidents that have recently come to light one after another.
President Jang made the remarks after appearing as an institutional witness at the Political Affairs Committee’s National Assembly audit on the morning of the 8th. “I take very seriously the fact that we have caused you concern over recent financial incidents,” he said.
Materials obtained by the Political Affairs Committee showed that a series of large-scale financial incidents have recently occurred at IBK. For example, the bank’s China subsidiary was defrauded of an amount reaching 83.4 billion won over seven months by Juzi, a local platform company. IBK’s China subsidiary failed to detect the fraud in advance. It was also criticized for shortcomings in identifying and responding to the incident afterward. The materials also showed that, in connection with a loan fraud involving fake real estate presales worth 18.2 billion won, the bank failed to properly recognize the financial incident and even issued additional loans.
President Jang said, “We will strengthen our incident reporting and response systems and thoroughly close gaps in internal controls,” and added, “Our employees will continue to stand by small and medium-sized enterprises and small business owners with an unwavering sense of mission as a state-run policy bank.”

[email protected] Park Mun-su Reporter