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Financial Fraud Law

Head of Country’s Largest Bank Apologizes over Corruption Allegations. Oh, the Country is South Korea

 What does the chief executive officer of the largest bank in the country do when the bank is facing charges of corruption and it determines that there is some validity to the charges? He admits wrongdoing and bows deeply in apology.

At least, the CEO takes those steps if the bank is in South Korea and if the CEO is Lee Kun-ho, of Kookmin Bank.

Lee stated: “We have disappointed people with a series of shameful incidents recently. As the head of the bank, I feel deep responsibility and sincerely apologize along with 22,000 executives and employees.”

In a statement, the bank said: “Currently, we’re looking into how big a loss has been caused and who was involved, but we estimate the loss will be as much as billions of won.”

It also is noteworthy that the bank’s former CEO, Min Byong-deok, indicated that, given the corruption allegations, he was willing to return his final bonus: “I’m aware of [what some have said] that it’s not proper to receive the performance-based bonus given that the probes are ongoing” and “I’m willing to return the bonus any time.”

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