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Korean Bankers Bankroll Corporate Salon Rooms

September 30th, 2011 . by Errol

Seoul Metropolitan Police Agency has booked eight executives and employees of Jeil Savings Bank (without detention) for engaging in illegal acts of corporate social responsibility (CSR); the subsidisation of the peccadilloes of the salarymen of Gangnam.

Jeil bankers extended loans totalling 154.6 billion won ($133.9 million) to 73 “corporate salon rooms” and hostess bars in Gangnam Seoul between March 2009 and January 2011, using faked documents.

Jeil bankers also skipped credit checks on the bars when handling the loan applications.

Out of the 154.6 billion won in loans extended in this fashion, only 32.5 billion won have been repaid.

Jeil is also accused of illegal lending, totalling 22.4 billion won, to gang members who run CSR programs in the area.

Yonhap News via The Korea Herald, 2011-09-30

Reminiscent of the Korea Exchange Bank banker caught hobnobbing with hookers in Thailand running up a tab of AUD 7 million.

Korean banker ‘stole $7m for sex with prostitutes’


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