This article was published on June 11, 2025, at 9:36 a.m. on the ChosunBiz RM Report site.
It has been reported recently that Cho Byung-kyu, the former president of Woori Bank, received a non-charge disposition from the prosecution regarding suspicions that he failed to report to investigative authorities on illegal loan circumstances involving Son Tae-seung, the former chairman of Woori Financial Group. The prosecution determined there was insufficient evidence to conclude that he was aware of the illegal loan circumstances.
According to a report by ChosunBiz on the 11th, the Financial Investigation Division 1 of the Southern District Prosecutors' Office in Seoul, led by Director General Kim Su-hong, recently issued a non-charge disposition regarding the violation of reporting obligations under Article 12 of the Specific Economic Crimes Aggravated Punishment Act.
Article 12 requires that when a head of a financial institution becomes aware of illegal acts by employees concerning their duties, they must notify investigative authorities without delay.
Earlier, the prosecution indicted Son Tae-seung, the former chairman, without detention on charges of breach of trust and obstruction of business on January 21. He is accused of providing 51.745 billion won in illegal loans to companies operated by his brother-in-law, Mr. Kim, 23 times from September 2021 to August 2023. Son denies the allegations against him.
The prosecution suspected that Cho, after assuming the presidency of Woori Bank in July 2023, was aware of the illegal loan circumstances involving the former chairman, Son, but failed to report them to investigative authorities.
Meanwhile, Cho left Woori Bank at the end of his term last year.