Reply #110: Misdeeds by banks rampant, says GNP

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http://joongangdaily.joins.com/article/view.asp?aid=2936470

Chung Ui-hwa, head of the Grand National Party’s emergency council, said if the results of a prosecutors’ investigation into rampant corruption at Korea’s savings banks isn’t rigorous enough, he will push for parliamentary inquiries into the case.

“Corruption involving savings banks is a clear example of the haves running roughshod over the have-nots,” Chung said in a meeting with council members yesterday. “We need to exercise all available governmental authority to punish those involved. If we don’t amputate the evil practices witnessed at Busan Savings Bank and don’t completely root out the corruption that has spread far and wide, fairness in society won’t exist.”

The prosecution’s investigation into Busan Savings Bank Group has expanded to cover alleged collusion between politicians and the bank after a high ranking government official was found to have withdrawn money prior to the bank’s suspension on Feb. 17, possibly after receiving inside information.

According to prosecutors at the Central Investigation Unit of the Supreme Public Prosecutors’ Office, Chung Chang-soo, first vice minister of land, transport and maritime affairs, withdrew a total of 214 million won ($197,000) from two Busan Savings Bank’s affiliates, Jungang Busan Savings Bank and Daejeon Savings Bank, from the end of January to early February.