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…
KB Financial Group finds itself facing new uncertainty regarding leadership succession amidst a tax probe into its flagship unit, KB Kookmin Bank, according to industry experts. The unexpected development came just as the bank was in the process of selecting its next chairman, according to the source.
On Thursday, around 30 officials from the National Tax Service's (NTS) elite investigation bureau 4 arrived at the bank's Seoul headquarters to secure accounting records. The probe was reportedly launched after the NTS detected possible signs of tax evasion. The investigation, expected to run through the end of the year, is a rare move by the NTS, also known as the "grim reaper" for its handling of major investigations into large companies and high-income individuals suspected of serious tax offenses.
The bank issued a "no comment" statement on the investigation, while the NTS reiterated its policy of not commenting on individual taxpayers or ongoing audits. The tax probe adds another layer of complexity to the ongoing leadership succession process at KB Financial Group.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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