Bank employee may have embezzled billions

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Bank employee may have embezzled billions

An employee of Credit Agricole’s Korean branch may have misappropriated 9.1 billion won ($8 million), shifting the funds into an unauthorized personal savings account, according to multiple media outlets.

The employee is accused of embezzling the funds between the end of last April and early November.

Since the company had most of the funds insured, the actual size of damage could be minimal.

Police looked into the allegation, but financial authorities could also launch a probe due to an alleged lack of internal controls as the bank missed the misappropriation for several months. Credit Agricole CIB Korea has 88 employees and 7.6 trillion won in total assets.

By Park Eun-jee
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