IBK Bank and Korea Development Bank hold 14 golf club memberships... Usage record management is inadequate
Poor management of golf club memberships at state-run banks; even usage records cannot be tracked Check the holdings status and key issues at IBK Bank and Korea Development Bank
It has been confirmed that the stateowned policy banks, IBK Industrial Bank of Korea and Korea Development Bank, hold a total of 14 golf club memberships, but do not separately manage who used them, when, or for what purpose. The related report was based on information confirmed by Rep. Song Eonseok’s office of the People Power Party.
IBK Industrial Bank of Korea holds memberships at 12 golf courses nationwide, including Korea CC, Lakewood CC, Adonis CC, Lexfield CC, and Ananti, with an acquisition cost of 8.793 billion won. Korea Development Bank holds two memberships, including Blackstone CC and Crystal Valley CC, with an acquisition cost of 5.877 billion won.
Both banks explained that the memberships are used through direct reservations by executives and employees, but stated that they do not separately manage individual users or the purpose of use. Rep. Song pointed out that it is poor management for stateowned policy banks to hold memberships worth tens of billions of won yet fail to track usage details.