KB Financial Group faces new uncertainty over leadership succession after tax probe into banking unit
Just as KB Financial Group’s race to choose its next chairman enters a decisive stage, tax authorities have launched a unscheduled investigation into its flagship unit, KB Kookmin Bank — a move that could add an unexpected complication to the succession process, according to industry experts, Friday. The National Tax Service (NTS) dispatched around 30 officials from its high-profile investigation…
Just as KB Financial Group prepares to select its next chairman, tax authorities have begun a surprise investigation into its main unit, KB Kookmin Bank, according to sources. The National Tax Service dispatched about 30 officials to the bank's headquarters in Seoul on Thursday to retrieve financial documents, after suspected signs of tax fraud, industry experts say.
Known as the NTS' "grim reaper," bureau 4 is a specialized team tackling big investigations against large businesses and wealthy individuals suspected of severe tax violations. These audits are infrequent and can lead to significant taxes, penalties, or criminal charges. The bank declined to comment on the probe, while the NTS stated it does not comment on individual taxpayers or ongoing investigations. This probe joins a series of legal troubles for the bank.
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