Tax Office Launches Intensive Probe into OK Financial Group

An affiliate of OK Financial Group is reportedly going through an intensive tax probe by the National Tax Service (NTS).

Dozens of NTS officials raided the consumer finance group's main office in Jung-gu, Seoul on the morning of Jan. 18.

Industry insiders believe that the NTS has detected evidence of tax evasion or illegal inter-unit transactions, given that the tax investigation was launched without any prior notice. The tax office usually gives prior notices to target companies 15 days before tax audits.

They speculated that the main target of the investigation might be Apro Financial, which provides consumer micro lending services. The investigation may expand into OK Holdings or OK Savings Bank, depending on the situation.