The prosecution on Tuesday raided Woori Bank's headquarters and branch offices in connection with allegations of huge inappropriate loans extended to relatives of a former chief of its holding company. Prosecutors and investigators from the Seoul Southern District Prosecutors Office searched eight bank offices, including the head office in central Seoul and a southern Seoul branch, and four residences, which are all related to the allegations. Woori Bank is suspected of having offered inappropriate loans worth 35 billion won (US$26.3 million) to corporations and individual business owners related to the relatives of Son Tae-seung, former chairperson of the Woori Financial Group, from April 3, 2020, to Jan. 16 this year. Prosecutors suspect the loan-related documents and collateral were improperly evaluated. Son headed the group, which controls Woori Bank, from 2020 to 2023. Source: Yonhap News Agency
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