Financial Supervisory Service LH speculative fund line Buksiheung Nonghyup What do you think Park Jong-seo’s financial success

The Financial Supervisory Service was in deep trouble. Regarding the allegations of speculation in the new city by employees of the Korea Land and Housing Corporation (LH), Vice Prime Minister Hong Nam-ki and Minister of Strategy and Finance emphasized that he would check whether there was any illegality in the bank lending process. The Financial Supervisory Service is in a position to go through the inspection without stopping.

Deputy Prime Minister Hong said, “The LH speculation case was possible because large-scale loans were collectively made at specific branches of the banking sector. I will check it.” He said, “The financial supervisory agency and other supervisory agencies should thoroughly investigate the process.”

The’specific branch of the banking sector’ mentioned by Deputy Prime Minister Hong is North Siheung Nonghyup, Siheung City, Gyeonggi-do, one of the unit associations of the National Agricultural Cooperative Federation. Many LH employees who are suspicious of speculation received loans of hundreds of millions of dollars here.

It is not a problem for the FSS to go through the inspection itself. The FSS is an organization in which financial company prosecutors are routine. It is the Financial Supervisory Service that finds even the slightest mistakes of large financial holding companies, but it is not difficult to inspect small-scale mutual finance (second financial sector) organizations such as the North Siheung Nonghyup.

The Financial Supervisory Service will also want to accept Deputy Prime Minister Hong’s instructions, thoroughly inspect it and detect illegal activities. Now, any action in favor of allegations of LH speculation is unacceptable. Already, Minister of Land, Infrastructure and Transport Byun Chang-heum has decided to withdraw.

However, the Financial Supervisory Service has nothing to say about the North Siheung Nonghyup Prosecutor. Some of the financial sector analyzes that the reason is that they have not yet come up with a solution to what to do if illegal loans are not detected. If the test results are poor, you may face criticisms such as’empty hand test’,’empty test’,’look-at test’, and’indulgence test’.

In order to understand the difficulties of the Financial Supervisory Service, you need to know the unit cooperative inspection system of the National Agricultural Cooperative Federation. The Financial Supervisory Service does not directly inspect places such as North Siheung Nonghyup. There are over 1110 unit associations of the National Agricultural Cooperative Federation, such as the North Siheung Nonghyup.

It is a structure that is difficult for the FSS to inspect individually. Usually, the right of prosecution is left to the National Agricultural Cooperative Federation. The Financial Supervisory Service is responsible for confirming the inspection process and inspection results of the National Agricultural Cooperative Federation.

This is the case not only for the Nonghyup but also for the entire mutual financial business such as the Credit Union. The credit union has 880 unions, and the Financial Supervisory Service delegates most of the inspection authority to the credit union. Some of them go to the test themselves, but most of them take care of when a problem arises.

In summarizing the results of Hankyung’s interview, the Financial Supervisory Service has already confirmed in detail the lending process of Buksiheung Agricultural Cooperatives through the National Agricultural Cooperative Federation. I am still in close contact with the National Agricultural Cooperative Federation. However, it was confirmed that the FSS staff was not directly dispatched to the National Agricultural Cooperative Federation. The result of understanding the loan process through the National Agricultural Cooperative Federation was that it was difficult to address problems due to regulations.

I don’t know if I knew about the new city plan in advance and speculated illegally, but at least in terms of lending, I am in a situation where I can’t specify illegal activities. We reporters Hankyung also reported in various ways, but we couldn’t confirm cases of not submitting the documents to be submitted or borrowing money in excess of the LTV (LTV). It is possible that some documents were not paid, but even these documents were not required.

The National Agricultural Cooperative Federation also said, “There was no illegality in the lending process.” They explained that the land was used as collateral, and there was no basis for recovering the loan because they received general loans in accordance with the accreditation rate, and they are paying interest on time. Because of this, the Financial Supervisory Service has become in a situation where it is impossible to move.

Of course, if the prosecution does an investigation, there may be other results. This is because the FSS is an institution that makes it difficult not only to examine the legitimacy of the loan process, but also to examine allegations of collusion or conspiracy.

The Financial Supervisory Service has now issued a Hamgu order regarding the North Siheung Nonghyup Prosecutors’ Office. It is said that the specific investigation method cannot be disclosed or that it cannot be confirmed in relation to the prosecution, and if you confirm, you will be disciplined.

I have to go through the test, and even if I go out, I don’t think I will have any income, so it is a’dilemma’ for the Financial Supervisory Service. How can the FSS overcome this challenge?

I have deep concerns, but there is no answer other than the precision method. What should not be done is not done. Selfless inspection according to regulations and procedures. There seems to be nothing more than that. If illegality is found through normal inspection, it should be handled in accordance with the law, and if vulnerabilities are exposed, it must be completed at the level of improvement.