IBK Industrial Bank of Korea Reports 4.8 Billion Won Financial Incident Linked to Commercial Property Sales Scam
Occurred between May and December last year; Incident confirmed through investigative authorities' request for documentation
"Loans obtained by inflating the sales price above appraised value"; Loss amount yet to be determined
A financial incident involving 4,785 million won related to a commercial property sales scam has occurred at IBK Industrial Bank of Korea.
On June 22, IBK Industrial Bank of Korea announced through a public disclosure that a financial incident amounting to 4,785 million won had been caused by an external scam.
The incident occurred between May and December last year. The bank explained that it became aware of the case during the process of submitting documents requested by investigative authorities. The expected loss amount has not yet been determined.
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An official from IBK Industrial Bank of Korea stated, "It was a case where the sales price of the commercial property was inflated above the appraised value in order to obtain larger loans," adding, "The investigative authorities are currently investigating the matter."
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