Fisheries cooperative caught for illegal lending to church
Fisheries cooperative
Seoul - Yonhap
A state-funded local fisheries cooperative has been reprimanded for extending billions of won in loans to a church by inflating its financial status and the number of members, the watchdog agency said Friday.
A branch of the National Federation of Fisheries Cooperatives (NFFC) in 2008 allegedly raised the church's credit rating without carrying out due deligence on the debtor's repayment ability, according to the Financial Supervisory Service (FSS).
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