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Woori Bank CEO to Be Summoned over the “Oilgate” Scandal

Woori Bank CEO to Be Summoned over the “Oilgate” Scandal

Posted May. 16, 2005 23:30,   


The Seoul Central District Public Prosecutor’s Office announced on Monday that it will summon Hwang Young-key, the CEO of Woori Bank, on May 18 in its ongoing investigation on the fraud case of Korean National Railroad (KNR) which invested in a Russian oil development project.

The investigation will be focused on the existence of any political influence on the bank’s decision when granting a $6.5 million loan for KNR on September 15 last year and whether the pressure, if any, was delivered to the related working level employees.

According to an official of the Prosecutors’ Office, the working-level employees were questioned but were found innocent of any wrongdoings, but an upper-level investigation is necessary to clear any suspicion. The prosecutors will bring in the cabinet of Uri Party Rep. Lee Kwang-jae and related officials of Cheong Wa Dae later this week to verify any involvement in the scandal.

Rep. Lee, reacting to some press reports that he had received documented reports from KNR regarding the status of the project in last November, criticized that the press has made a rehash of the facts, which have already been revealed in the press conference.