DGB Financial Group Chairman Kim Tae-oh is facing growing calls from the bank’s union and civic groups to step down. He was indicted without detention Monday for allegedly giving $3.5 million to a Cambodian broker last year to enable DGB’s subsidiary, Daegu Bank, obtain a commercial banking license from the Southeast Asian country’s financial authorities.
“Getting a license by offering a bribe is a serious crime, as it weakens Korea’s credibility and competitiveness in the international community,” said a representative from the Daegu District Prosecutors’ Office. “This is the first time for us to apply the Act on Combating Bribery of Foreign Public Officials, which enables punishments of those who bribed brokers.”
Kim’s attorney denied the charge, saying the chairman will sincerely participate in his trial to clarify any misunderstandings and reveal the truth.