Prosecutors launch investigation into financial irregularities at Kookmin Bank

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One of the country's largest banks, Kookmin, is under investigation for financial irregularities ranging from embezzlement to raising slush funds.
Kim Ji-yeon has the details on the investigation, which started this Thursday.
The Central District Prosecutors Office have launched an investigation into financial irregularities at one of the country's largest banks.
The investigation into Kookim Bank is being undertaken at the request of the Financial Supervisory Service, which says that the bank embezzled more than 9 million U.S. dollars over the past several years and that it's Tokyo branch was involved in raising slush funds for politicians in Korea.
The FSS said the bank could be facing suspension of some its branch offices and put the brakes on the KB Financial Group's bid to take over Woori Investment and Securities company.
The FSS said a group of Kookmin bank officials embezzled as much as 9 million U.S. dollars by forging state-issued bonds related to subsidized housing projects.
The FSS says it will hold current and former executives responsible for failing to stop the pattern of corruption at the bank and summoned Kookmin Bank CEO Lee Kun-ho for questioning earlier this week.
Lee has since issued a public apology and said the bank would compensate clients for any losses resulting from the charges of wrongdoing.
Kim Ji-yeon, Arirang News.