National Tax Service Launches Special Tax Probe into KB Kookmin Bank

South Korea's National Tax Service has initiated a special, non-regular tax investigation into KB Kookmin Bank, suspecting the financial institution of tax evasion. The Seoul Regional Tax Office's Investigation Bureau 4, a specialized unit known for its rigorous inquiries into significant allegations such as tax evasion and illicit funds, has dispatched investigators to the bank's headquarters in Seoul to secure necessary accounting records.

The investigation, which is expected to continue until the end of the year, is being conducted under a veil of secrecy, with the specific reasons for the probe not yet officially disclosed. This move is part of an unusual pattern of non-regular tax investigations targeting the financial sector this year. Previously, in May, the National Tax Service launched similar probes into Hana Financial Group, Hana Bank, and Meritz Securities.

The Seoul Regional Tax Office's Investigation Bureau 4 is notorious for its intense investigations, earning it the moniker 'the Grim Reaper of the business world.' The focus on KB Kookmin Bank underscores the tax authorities' intensified scrutiny of major financial institutions.