Key facts
- South Korea's National Tax Service (NTS) has launched a special probe into KB Kookmin Bank.
- Investigators from the NTS' Seoul Regional Tax Office were sent to the bank's headquarters.
- The probe aims to secure accounting records for a tax audit.
- The investigation is expected to last until the end of the year.
- The reason for the probe has not been disclosed.
South Korea's National Tax Service (NTS) has initiated a special probe into KB Kookmin Bank, a prominent financial institution. According to sources within the financial sector, investigators from the NTS have been dispatched to the bank's headquarters in Seoul to gather accounting records pertinent to a tax audit. The bureau conducting the investigation, Investigation Bureau 4 of the NTS' Seoul Regional Tax Office, is known for handling tax evasion cases involving businesses and is colloquially referred to as the "Grim Reaper" by the business community. The probe is anticipated to continue until the close of the current year. The specific grounds for this investigation have not yet been made public. An official from the tax agency stated that information regarding tax investigations into individual cases cannot be confirmed.