On the 27th, Suhyup Federation Chairman Noh Dong-jin flatly denied any involvement in alleged preferential loans by Suhyup to Sarang Jeil Church and Deutsch Motors.
At the National Assembly's Agriculture. Food. Rural Affairs. Oceans. and Fisheries Committee audit that day, when Democratic Party of Korea lawmaker Lim Mi-ae asked about the loans in question, Noh stressed, "The Suhyup Federation chairman is structurally unable to be involved in loans."
Lim said, "In Dec. 2023, as the Seoul city government pushed ahead with redevelopment of the Jangwi 10 district excluding the Sarang Jeil Church site, the church needed the remaining payment for a building it had temporarily purchased, and Suhyup stepped in at the time to lend 6.5 billion won." She continued, "Jinhae Suhyup, where Noh served for about eight years, provided the largest amount, 5 billion won."
Lim also noted, "In Mar. 2023, Suhyup extended a 10 billion won loan to Deutsch Motors based solely on credit as the company's management faltered due to a stock manipulation verdict, and by Oct. 2024, local cooperatives had additionally supported 54.8 billion won."
In response, Noh drew a clear line, saying, "The chairman is structurally unable to be involved in loans, not even 1%."
When Democratic Party of Korea lawmaker Eo Ki-gu asked, "Do you view this as a normal loan?" Noh replied, "I said, 'Even if it means conducting a monthlong, intensive audit in response to the Financial Services Commission (FSC)'s point, find any problems. We will make an example of them.'"
In addition, when Democratic Party of Korea lawmaker Lim Ho-seon asked, "Have you ever received any outside solicitations from the Sarang Jeil Church side?" Noh denied it, saying, "There is no connection whatsoever. I do not even know the details of the loan in question." Noh added, "I have no personal ties with Pastor Jeon Kwang-hoon either."
Democratic Party of Korea lawmaker Song Ok-joo said, "Coincidentally, after Noh visited the presidential office, in Aug. 2023 the (election law violation case) was cleared with no charges," and raised suspicion, saying, "To make up for the election law issue, didn't you appoint Seo Jeong-bae, known as a close associate of former President Yoon, as standing auditor and then proceed to issue problematic loans in succession to Deutsch Motors?"
To this, Noh answered, "Not even 1%. If even 1% is true, I will take full responsibility."
Kwon Hyuk-min, the CEO of Deutsch Motors who appeared as a witness at the audit that day, was asked, "How did you receive a 10 billion won loan from Suhyup without collateral?" and "Was there any prior transaction history?" He answered, "In Sept. 2021, at Deutsch Financial, there is a record of proceeding with a 3 billion won loan with Suhyup."
Suhyup Bank President Shin Hak-gi said, "If you look at the (loan) review opinion at the time, it was done in line with the credit rating; that is how it is written in the opinion."
Lim Ho-seon argued to Chairperson Eo Ki-gu, "This is not an issue that can be resolved by an audit; it must be brought to light through an investigation," adding, "This is a matter that requires a request for investigation at the committee level."