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Search results for National Agricultural Cooperative Federation

Finance

Financial sector hacking spreads, delays gain support for digital asset tax postponement

A string of hacking incidents in South Korea’s financial sector has led to confirmed personal data leaks at savings banks and mutual finance groups, prompting authorities to step up inspections and security requirements. Banks are moving to raise cybersecurity spending and expand fraud prevention systems using AI. Market volatility and a steep stock selloff also drew a policy response. Political debate intensified over postponing digital asset taxation and regulating exchange shareholders.

Finance

NACF mutual loans delinquency at 17.5 percent; executive bonuses paid at loss-making co-ops

South Korea\'s parliamentary audit spotlighted weakness in mutual finance at local agricultural cooperatives under the National Agricultural Cooperative Federation, with joint-loan delinquency cited at 17.5 percent. Data presented by opposition lawmakers showed higher delinquency in loans to non-members and quasi-members and most estimated losses tied to those loans. Lawmakers also raised concerns about executive performance bonuses at loss-making cooperatives and questioned oversight, internal controls and the effectiveness of supervision and audits.

Finance

NH reform pledge questioned as lawmakers press probe status on 14 misconduct allegations

South Korean lawmakers debated reform plans for the National Agricultural Cooperative Federation, including how its chairman is elected and the independence of audit bodies, during a parliamentary audit. Lawmakers questioned whether expanding the chairman vote to all cooperative members is legally consistent and properly agreed. Opposition lawmakers also demanded submission of investigation updates on 14 alleged misconduct cases. The audit also reviewed conversion of unused NH points to local currency and attendance issues.