Tax agency launches probe into KB Kookmin Bank: sources
Korea's tax agency has launched a special probe into KB Kookmin Bank, a major lender, financial sources said Thursday. According to insiders, the National Tax Service (NTS) has sent around 30 investigators to the bank's headquarters in western Seoul to secure accounting records needed for a tax audit. The sources added the investigators are from Investigation Bureau 4 of the NTS' Seoul Regional…
Korea's tax agency, the National Tax Service (NTS), has initiated a specialized investigation into KB Kookmin Bank, according to financial sources. Around 30 investigators from the NTS' Investigation Bureau 4, based in Seoul, have been sent to the bank's headquarters to gather accounting records for a tax audit. This bureau, often referred to as the "Grim Reaper" by the business community, is tasked with probing tax evasion among businesses.
The investigation is projected to conclude by the year-end. The specific reason for the probe has not been disclosed. Previously, the bureau launched similar investigations into Hana Financial Group and Meritz Securities Co. in May. Market observers suggested that the series of special probes may have been triggered by President Lee Jae Myung's observation that financial companies were not sufficiently committed to the public interest.
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- Tax agency launches probe into KB Kookmin Bank: sources koreatimes.co.kr
