Authorities Inspect KB Kookmin Bank Headquarters Amid Profiteering Allegations


SEOUL, Aug. 23 (Yonhap) — South Korea’s financial regulator conducted an investigation at the headquarters of KB Kookmin Bank on Wednesday due to suspicions that some of its employees had made a wrongful profit of 12.7 billion won (US$9.5 million) by taking advantage of confidential information, officials said.

A special inspection team from the Financial Supervisory Service (FSS) searched the bank’s headquarters in western Seoul to obtain documents and hard drives to determine how the employees had access to secret information and shared it with their relatives and acquaintances, according to the officials.

The employees are believed to have purchased stocks of companies that were planning to issue bonus shares, using insider information between January 2021 and April 2023.

The FSS and the Financial Services Commission have also reported the allegations to the prosecution.

This photo provided by KB Kookmin Bank shows its headquarters in western Seoul. (PHOTO NOT FOR SALE) (Yonhap)

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