Ibk suspends team head over secret YouTube, conflict-of-interest breaches

An Industrial Bank of Korea (IBK) branch Head of Team who ran a YouTube channel without the company's approval and published a book under a pen name was suspended for one month. An internal audit also uncovered that the Head of Team was involved in transaction limits for loans and credit cards with a company where the spouse serves as an executive. Four former and current branch managers at branches where the Head of Team worked were also disciplined for inadequate management and supervision.

According to the Board of Audit and Inspection public audit portal on the 8th, an A Head of Team at Industrial Bank of Korea (IBK) ran a YouTube channel, received fees dozens of times, and earned fees from ads. The person also received several million won in royalties from a book published under a pen name. Article 28 of the Small and Medium Industry Bank Act, the articles of association, the employment rules, and the code of conduct for executives and employees prohibit engaging in for-profit businesses and holding concurrent positions without the bank president's approval.

The A Head of Team was also found to have used internal bank information to run the channel. According to audit documents, the person introduced an internal document on their YouTube channel titled " inspection of misuse outside intended purposes for sole proprietors' mortgage loan" and posted part of the checklist. They also referenced and adapted daily economic outlook materials provided for bank employees and customers and used them as content for their channel.

The A Head of Team reportedly failed to make a prior report or recuse from duties despite being a private stakeholder in transaction partner Company B, where the spouse had received a salary and served as an inside director. In addition, when a corporation whose CEO is the spouse requested a new credit line, the person concealed the spousal relationship and had the loan processed at their own branch, resulting in an improper interest rate reduction. Four former and current branch managers at branches where the A Head of Team worked were collectively admonished for "insufficient direction and supervision of staff."

An Industrial Bank of Korea (IBK) official said, "After the incident, we conducted internal training for employees on the ban on side jobs. We will work to prevent similar incidents from recurring."