Prosecutors Raid Korea Information & Credit Rating Headquarters for Alleged Credit Information Act Violation
Prosecutors have raided the headquarters of Korea Information & Credit Rating (KICR) on suspicion of accepting money in exchange for raising corporate credit ratings.
The Criminal Division 6 of the Seoul Eastern District Prosecutors’ Office (headed by Lee Jeongho) began searching the headquarters of Korea Information & Credit Rating in Yeongdeungpo, Seoul, and its Daegu-Gyeongbuk branch on March 12 for alleged violations of the Credit Information Act. Korea Information & Credit Rating is suspected of selling additional products worth tens of millions of won to small and medium-sized enterprises on the condition of upgrading their credit ratings.
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Korea Information & Credit Rating is a credit information assessment agency specializing in corporate credit research and evaluation, established in 2005 through joint investment by government-affiliated organizations and commercial banks. The agency holds data on more than 14 million companies and comprehensively assesses management competency, technological development capabilities, and other factors to assign corporate credit ratings and technology credit ratings.
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