Woori Bank raided over lending irregularities

Police raided the headquarters of Woori Bank on suspicionof irregularities and bribe taking in exchange for giving massive loans for a resort project.

The bank is suspected of having committed irregularities in assessing the project's feasibility ahead of granting about 135 billion won or US$120 million in loans to the company building the resort in Gyeonggi Province.

Police officials said a team of investigators searched the building early in the day and secured documents in connection with the case.