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Finance

NH faces audit criticism over unreported embezzlement cases; Chairman Kang Ho-dong denies graft allegations

NH Nonghyup and local agricultural cooperatives came under scrutiny at a parliamentary audit over weak internal controls and budget practices. Lawmakers said NH failed to report six cases with clear criminal suspicions among 21 employee incidents in 2022 and cited a local co-op case in which an employee allegedly embezzled 130 million won but received early retirement pay. Other lawmakers questioned large unallocated budgets and alleged diversions to publicity spending. Chairman Kang Ho-dong denied involvement in a high-priced souvenir purchase case involving secretariat staff.

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.