Employees squeezed and stole 10 billion… Hyundai Steel begins internal audit

Hyundai Steel has launched an internal audit to confirm the allegation that some of its employees stole company money.

According to Hyundai Steel on the 6th, the internal audit team has been investigating possible embezzlement of some employees for several months. This fact was known through an anonymous bulletin board service for employees. The post contained the content that employees formed a ghost company and then took unfair advantage of it by inflating the unit price of certain parts or placing false orders through this company. There was also an estimate that the amount of embezzlement was 10 billion won. The post has now been reported to have been deleted.

A Hyundai Steel official said, “It was known to the outside through the site while the audit was in progress.” Whether or not to request a police investigation will be decided according to the gravity of the case after the internal audit is complete.

At Hyundai Steel, it was also discovered last year that an employee stole nickel and took billions of won. The employee was arrested and investigated on charges of habitual theft and was transferred to the prosecution in October last year.

Businesses are tense as a series of employee embezzlement cases occur. Earlier this year, at Osstem Implant, the No. 1 implant company in Korea, there was an incident where a financial officer stole 220 billion won from the company. In April, Woori Bank embezzled 60 billion won. At Gangdong-gu Office, an employee stole 11.5 billion won and invested in stocks, but was caught.

An official from the business world said, “The economy is difficult, but as interest rates rise, the burden of repayment of principal and interest such as real estate loans is increasing.

Reporter Lee Kun-hyuk gun@donga.com

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