Tax agency launches probe into KB Kookmin Bank: sources
SEJONG, Aug. 13 (Yonhap) -- South Korea's tax agency has launched a special prob...
South Korea's tax agency, the National Tax Service (NTS), has initiated a special investigation into KB Kookmin Bank, a prominent lending institution, according to financial sources. The probe, conducted by Investigation Bureau 4 of the NTS Seoul Regional Tax Office, involves sending approximately 30 investigators to the bank's headquarters in western Seoul to collect accounting records for a potential tax audit.
Known colloquially as the "Grim Reaper" due to its stringent focus on tax evasion among businesses, the investigation is anticipated to continue until the end of this year. The reason for the investigation has not been officially disclosed. Previously, the same bureau launched similar probes against Hana Financial Group and Meritz Securities Co. in May, raising questions among market observers.
These series of investigations are believed to be a response to President Lee Jae Myung's comments about the lack of commitment of financial companies to public interest.
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