Regulators to punish KB Financial executives this week

The financial watchdog is expected to wrap up its delayed punishment of top executives at KB Financial Group that have been held responsible for a string of irregularities and scandals as early as this week, an official said Sunday.

“The punishment against 95 executives and employees at KB Financial Group and Kookmin Bank is expected to be complete this month. The level of the punishment may be determined at an upcoming meeting on Thursday,” said an official at the Financial Supervisory Service.

Group president Lim Young-rok and bank chief Lee Kun-ho are among the 95 employees at the country’s biggest banking group that have been held responsible for illegal loan extensions, embezzlement and a customer data leak.

The two top executives, embroiled in a feud over replacing an internal computation system, had been informed by the FSS in June that they would be reprimanded for failing to control and manage company affairs. (Yonhap)