[Breaking News] Jeonbuk Bank also deals with Cambodian organization ‘Huiwon Group’

The controversy is growing after it was revealed that a subsidiary of Jeonbuk Bank, which earned 40 billion won in profits last year alone, had opened accounts not only with the Prince Group but also with other Cambodian criminal organizations.

According to the National Assembly audit data submitted by National Assembly member Kang Min-guk from the Financial Supervisory Service, it was confirmed that Jeonbuk Bank was the only domestic bank to transact with Cambodia’s Huiwon Group, which is suspected of money laundering through virtual assets such as coins.

There is one current account opened in August 2018, and it is known as a demand deposit that can issue checks or drafts, and is a bank account that allows free deposits and withdrawals.

Meanwhile, Jeonbuk Bank was controversial after it was revealed that it had transacted 125.2 billion won with Prince Group over the past six years through its subsidiary, Phnom Penh Commercial Bank.

Since December 2019, Prince Group has deposited 51 term deposits with Phnom Penh Commercial Bank, which is more than half of the total transaction amount with the five domestic banks operating in Cambodia, which is causing a huge stir even in the government audit.