SEOUL, August 13 (AJP) - About 30 tax officials from the National Tax Service (NTS) on Thursday raided KB Kookmin Bank to conduct a tax audit.
They searched the lender's headquarters in Yeongdeungpo, western Seoul, to secure accounting records and other documents needed for the audit.
In the probe, which is expected to continue through the end of this year, the NTS is reportedly looking into suspected tax evasion and other irregularities, although the specific reasons for or scope of the probe have not been disclosed.
The abrupt raid comes about three months after the NTS launched similar audits of Hana Financial Group, Hana Bank and Meritz Securities in May.
The series of recent probes prompted speculation that tax authorities could expand their scrutiny of financial companies after President Lee Jae Myung criticized financial institutions for what he described as a lack of commitment to the public interest and called for the financial sector to play a stronger public role.
But the NTS declined to comment, saying, "We cannot confirm information related to tax investigations into individual cases."
AJP Takeaways:
- About 30 National Tax Service officials raided KB Kookmin Bank's headquarters in Yeongdeungpo, western Seoul, on Thursday for a tax audit.
- Investigators secured accounting records and other documents needed for the audit.
- The probe is expected to continue through the end of 2026 and reportedly focuses on suspected tax evasion and other irregularities.
- The audit follows similar probes of Hana Financial Group, Hana Bank and Meritz Securities launched by the NTS in May.
- The latest probe has fueled speculation of broader scrutiny of financial companies following President Lee Jae Myung's calls for the financial sector to strengthen its public role.
They searched the lender's headquarters in Yeongdeungpo, western Seoul, to secure accounting records and other documents needed for the audit.
In the probe, which is expected to continue through the end of this year, the NTS is reportedly looking into suspected tax evasion and other irregularities, although the specific reasons for or scope of the probe have not been disclosed.
The abrupt raid comes about three months after the NTS launched similar audits of Hana Financial Group, Hana Bank and Meritz Securities in May.
The series of recent probes prompted speculation that tax authorities could expand their scrutiny of financial companies after President Lee Jae Myung criticized financial institutions for what he described as a lack of commitment to the public interest and called for the financial sector to play a stronger public role.
But the NTS declined to comment, saying, "We cannot confirm information related to tax investigations into individual cases."
AJP Takeaways:
- About 30 National Tax Service officials raided KB Kookmin Bank's headquarters in Yeongdeungpo, western Seoul, on Thursday for a tax audit.
- Investigators secured accounting records and other documents needed for the audit.
- The probe is expected to continue through the end of 2026 and reportedly focuses on suspected tax evasion and other irregularities.
- The audit follows similar probes of Hana Financial Group, Hana Bank and Meritz Securities launched by the NTS in May.
- The latest probe has fueled speculation of broader scrutiny of financial companies following President Lee Jae Myung's calls for the financial sector to strengthen its public role.
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