Korea auditors to inspect Woori Financial on November

Inspection to focus on enforcement of MOU signed every two years between Woori and the KDIC.

The Board of Audit and Inspection (BAI) said Tuesday it will launch a large-scale inspection next month into the management of Woori Financial Group, which faces privatization by next June.

"A privatization process is underway for Woori Financial Group, a recipient of massive sums of public money. Considering the privatization schedule, there won't be any opportunity to inspect Woori Financial after this year," said an official at the BAI, explaining the background for the upcoming inspection.

Woori Financial, a parent company of Woori Bank, South Korea's third-largest lender, has received public money reaching between 18 trillion won (US$16.4 billion) and 19 trillion won ($17.08 billion) to stay afloat.

Besides Woori Bank, the financial holding company's other subsidiary lenders, like Kyongnam Bank and Kwangju Bank, will also come under intensive management inspections from the BAI, the official said, adding that the inspections will begin in early November.

In particular, the upcoming inspection will be focused on the enforcement of an MOU signed every two years between Woori Financial Group and the state-run Korea Deposit Insurance Corp., the largest shareholder of Woori Financial, the official said, noting that Woori's privatization procedures will also be scrutinized.

View the full story in Yonhap.