Suspended Savings Banks Embezzle US$1 Bil.
Korea's four savings banks that were suspended from operating last month, have been found to have embezzled more than 1.3 trillion won, or about 1.1 BILLION U.S. dollars through illegal loans.
This is according to a joint investigation team, which announced its probe results on the four banks, namely Solomon, Mirae, Korea and Hanju Savings Bank on Wednesday.
Investigators also seized assets worth almost 290 million dollars from 12 top shareholders and executives.
Regulators suspended the four banks' operations on May 6th as part of the government's ongoing process to shore up the industry's finances.
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