The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
The Korea Times
amn_close.png
amn_bl.png
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
amn_bl.png
Business
  • Tech
  • Bio
  • Companies
  • World Expo 2030
amn_bl.png
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
amn_bl.png
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
amn_bl.png
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
amn_bl.png
Entertainment & Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
amn_bl.png
Sports
amn_bl.png
World
  • SCMP
  • Asia
amn_bl.png
Video
  • Korean Storytellers
  • POPKORN
  • Culture
  • People
  • News
amn_bl.png
Photos
  • Photo News
  • Darkroom
amn_NK.png amn_DR.png amn_LK.png amn_LE.png
  • bt_fb_on_2022.svgbt_fb_over_2022.svg
  • bt_twitter_on_2022.svgbt_twitter_over_2022.svg
  • bt_youtube_on_2022.svgbt_youtube_over_2022.svg
  • bt_instagram_on_2022.svgbt_instagram_over_2022.svg
  • Login
  • Register
  • Login
  • Register
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
  • 1

    Netflix apologizes for filming 'Single's Inferno 3' in marine sanctuary

  • 3

    In-N-Out Burger pop-up store attracts record crowd

  • 5

    Calls grow for female flight attendants to ditch skirts for pants

  • 7

    Hamburger franchises having trouble in M&A market

  • 9

    Pyongyang seeks to portray rocket as science effort by admitting failure: experts

  • 11

    Small business owners urge stricter rules on migrant workers switching jobs

  • 13

    From hardcore action to heart-throbbing romance, series to hit in June

  • 15

    Nexon case reignites controversy over high level of inheritance tax

  • 17

    S. Korea succeeds in L-SAM missile interception test for 3rd time

  • 19

    INTERVIEWFrench photographer highlights amazing transformations of dog meat farm survivors

  • 2

    BTS' RM named honorary ambassador of war-remains excavation agency

  • 4

    'BLACKPINK the Game' showcases group's unique charm

  • 6

    EXO's Baekhyun, Xiumin and Chen in dispute with SM over contract issue

  • 8

    Hallyu inspires Thailand to mull ways to export its culture

  • 10

    Man gets five-year jail term for K-pop concert ticket fraud

  • 12

    Police send girlfriend murder suspect to prosecution

  • 14

    Pandas at Everland become tourist magnet

  • 16

    Transgender cyclist looks to spark debate in historic appearance

  • 18

    Suspect in grisly Busan murder sent to prosecutors for further probe

  • 20

    JYP to expand partnership with US music label

Close scrollclosebutton

Close for 24 hours

Open
  • The Korea Times
  • search
  • all menu
  • Login
  • Subscribe
  • Photos
  • Video
  • World
  • Sports
  • Opinion
  • Entertainment & Art
  • Lifestyle
  • Finance
  • Business
  • National
  • North Korea
Finance
  • Companies
  • Economy
  • Markets
  • Cryptocurrency
Sat, June 3, 2023 | 01:14
Economy
'FSS official helped frauder flee'
Posted : 2014-03-19 19:00
Updated : 2014-03-19 19:00
Print PreviewPrint Preview
Font Size UpFont Size Up
Font Size DownFont Size Down
  • facebook
  • twitter
  • kakaolink
  • whatsapp
  • reddit
  • mailto
  • link
By Na Jeong-ju

A senior Financial Supervisory Service (FSS) official is being investigated in connection with a massive loan fraud case involving KT ENS, an affiliate of the country's second-largest mobile carrier KT Corp.

The official ― identified only as Kim, 50 ― allegedly helped a key suspect flee abroad when the FSS was inspecting the fraud case in January.

Kim had a close relationship with the suspect, Jeon Ju-yeop, who runs a mobile phone accessory maker, NS Soul, police said.

NS Soul is one of KT ENS's subcontractors, which allegedly fabricated sales documents to receive fraudulent loans totaling 1.83 trillion won ($1.7 billion) from banks between May 2008 and January this year. Their outstanding debts are estimated at 289 billion won, according to police.

Jeon has been identified as the central figure in the fraud case.

He fled to Hong Kong in January to avoid investigation, and later flew to New Zealand. He then fled to Vanuatu, an island nation located in the South Pacific Ocean, according to his immigration records. Police believe he is hiding there, or has moved to a different country using a fabricated passport.

"We have asked Interpol to trace Jeon," an officer from the Seoul Metropolitan Police Agency told reporters.

Kim is suspected of having informed Jeon that he was being watched by the FSS.

He allegedly called other heads of the suspected subcontractors on Jan. 29 when the FSS formally launched an investigation. Two days later, he met with them at a restaurant in southern Seoul.

According to the FSS, Kim, who heads a capital market investigation squad in the FSS, is alleged to have travelled overseas multiple times to play golf and gamble together with Jeon and other suspects.

He had allegedly received bribes, which may amount to billions of won, from the businessmen. Kim was suspended from work after his wrongdoing was discovered, the FSS said.

This latest revelation brings the ethics of FSS officials into question.

"Kim's case is extremely shameful and heartbreaking for all the FSS staff," an FSS official said, asking not to be named. "Taking appropriate measures is important, but there is one thing we should remember. This is not the case of all FSS workers. Most of them work day and night to serve the needs of people and the financial industry."

The case also adds pressure on FSS Governor Choi Soo-hyun.

Choi is already facing calls to resign to take responsibility for the recent consumer data theft cases involving banks and credit card firms, and the fraud suspicions surrounding Tongyang Group. Financial Services Commission Chairman Shin Je-yoon and Strategy and Finance Minister Hyun Oh-seok are also being pressured to resign in connection with the high-profile cases.

"The FSS has been blamed for poor monitoring of market players. Now one of its officials is being investigated for corruption allegations. What's next?" a bank official said on condition of anonymity. "The FSS should realize that it is losing trust. It should reform itself or won't be trusted by anybody."

Police said they have rounded up 15 people, including the heads of KT ENS's subcontractors, in connection with the loan fraud case. Officers will soon determine whether to seek an arrest warrant for Kim or not.

Emailjj@koreatimes.co.kr Article ListMore articles by this reporter
 
wooribank
Top 10 Stories
1More banks offer daily interest payments on deposits More banks offer daily interest payments on deposits
2Hyundai Elevator launches AI, IoT-powered maintenance service Hyundai Elevator launches AI, IoT-powered maintenance service
3Roland Garros 2023 Roland Garros 2023
4Airlines fiercely compete to acquire additional aircraft Airlines fiercely compete to acquire additional aircraft
5Seoul imposes sanctions on North Korean hacking group for role in space launch Seoul imposes sanctions on North Korean hacking group for role in space launch
6LG Chem joins Korean firms strengthening ties with Japan LG Chem joins Korean firms strengthening ties with Japan
7HMM tasked with preventing sale of Hyundai LNG to foreign firm HMM tasked with preventing sale of Hyundai LNG to foreign firm
8Korean stocks feared to lose steam on prolonged trade deficit, real estate doldrums Korean stocks feared to lose steam on prolonged trade deficit, real estate doldrums
9POSCO, GM expand joint EV battery materials investment in North America POSCO, GM expand joint EV battery materials investment in North America
10Indo-Pacific region highlighted as important for Korean economy's futureIndo-Pacific region highlighted as important for Korean economy's future
Top 5 Entertainment News
1'HyeMiLeeYeChaePa' producer Lee Tae-kyung hopeful of second season 'HyeMiLeeYeChaePa' producer Lee Tae-kyung hopeful of second season
2How artist Michael Rakowitz resurrects lost past of Iraq through food packaging How artist Michael Rakowitz resurrects lost past of Iraq through food packaging
3From hardcore action to heart-throbbing romance, series to hit in June From hardcore action to heart-throbbing romance, series to hit in June
4[INTERVIEW] Lee Jun-hyuk unrecognizable in 'The Roundup: No Way Out' INTERVIEWLee Jun-hyuk unrecognizable in 'The Roundup: No Way Out'
5'Elemental' director on bringing his personal story of immigration to cinema 'Elemental' director on bringing his personal story of immigration to cinema
DARKROOM
  • Turkey-Syria earthquake

    Turkey-Syria earthquake

  • Nepal plane crash

    Nepal plane crash

  • Brazil capital uprising

    Brazil capital uprising

  • Happy New Year 2023

    Happy New Year 2023

  • World Cup 2022 Final - Argentina vs France

    World Cup 2022 Final - Argentina vs France

CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Contact Us
  • Products & Services
  • Subscribe
  • E-paper
  • RSS Service
  • Content Sales
  • Site Map
  • Policy
  • Code of Ethics
  • Ombudsman
  • Privacy Statement
  • Terms of Service
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group