The Financial Supervisory Service (FSS) has confirmed that the extent of embezzlement in the recent real estate project financing (PF) scandal at BNK Kyongnam Bank is significantly larger than initially thought, with the total amounting to 298.8 billion won ($224 million). This stands as the largest embezzlement case ever recorded in the Korean financial market.
BNK Financial Group is eager to restore public trust following multiple cases of illicit activities by a number of its employees. The group has recently been rolling out a series of measures to bolster internal controls at its banking subsidiary.
After BNK Financial Group nominated Bin Dae-in last month as its next chairman to lead the group for the next three years, market watchers have been fixated on whether the new incoming leader will be able to complete his term honorably, while also succeeding at stabilizing the financial group s structure.