[비즈한국] The atmosphere surrounding the National Federation of Fisheries Cooperatives (Suhyup) is turbulent. Suhyup Bank and its local cooperative branches are facing allegations of providing preferential loans to Deutsch Motors067990. While Suhyup strongly denies these claims, the gravity of the matter ensures that the controversy will not easily subside. Recently, several allegations were raised against Suhyup during the National Assembly's state audit.
On October 27, Representative Moon Geum-ju of the Democratic Party of Korea stated in a press release, "Suhyup Bank issued tens of billions of won in loans to Deutsch Motors and its affiliates." He pointed out, "In particular, in March 2023, when the stock manipulation case involving First Lady Kim Keon-hee was at the peak of social controversy, Suhyup Bank granted an unsecured credit loan of 10 billion won to Deutsch Motors." Representative Moon added, "It was also confirmed that in 2025, Suhyup Bank and its local cooperatives provided 54 billion won in loans to Deutsch Auto World, a subsidiary of Deutsch Motors."
Allegations of Suhyup Bank’s preferential lending to Deutsch Motors had already surfaced before the state audit. In August of this year, Representative Shin Jang-sik of the Rebuilding Korea Party pointed out that Suhyup affiliates had provided tens of billions of won in loans to Deutsch Motors. In response, Suhyup Bank refuted the claims, stating, "The loans were approved through normal procedures, following consecutive resolutions by the Credit Review Committee and the Credit Review Board in accordance with the internal delegation of authority standards."
As the October state audit began, the controversy over Suhyup Bank's alleged preferential loans was reignited. According to data submitted by Suhyup Bank to Representative Yoon Joon-byeong of the Democratic Party of Korea on the 27th, Suhyup Bank has lent a total of 68 billion won to Deutsch Motors and its affiliates over the past five years. Representative Yoon remarked, "Financial authorities must immediately launch a thorough investigation to uncover the truth."
Chairman Noh Dong-jin attended the National Assembly's Agriculture, Food, Rural Affairs, Oceans and Fisheries Committee audit on the 27th and explained, "The Banking Act prevents the federation chairman from being involved in loan decisions." Despite Chairman Noh's explanation, the fallout is unlikely to settle soon. Financial Supervisory Service (FSS) Governor Lee Chan-jin stated during the FSS state audit on the 21st, "We plan to conduct an inspection of Suhyup starting in two weeks," and added, "We will look into all the points raised." While the FSS inspection of Suhyup is a routine one, it appears that the alleged preferential loans to Deutsch Motors will also be investigated given the emerging controversy.
Chairman Noh Dong-jin’s term runs until March 2027. Regardless of the truth behind the allegations, if investigative authorities launch a formal probe, it will become difficult for Chairman Noh to focus on his duties. If the allegations are proven to be true to some extent, there is a possibility that the special prosecution team (led by Special Prosecutor Min Joong-ki) investigating Kim Keon-hee may get involved. Meanwhile, some predict that a large-scale investigation might not materialize since Suhyup strongly denies the allegations.
A Suhyup official stated, "Other banks, not just Suhyup Bank, have provided loans to Deutsch Motors, and loan interest rates and limits are automatically calculated by the system based on revenue and net profit," adding, "These systems are not something that individual employees or executives can manipulate."