Bank Woori Saudara Suspected of $78.5 Million Fraud, Management Says Still Investigating

TEMPO.CO, Jakarta - PT Bank Woori Saudara Indonesia 1906 Tbk stated that the management is still delving into allegations of fraud amounting to US$ 78.5 million or around Rp 1.28 trillion. However, Bank Woori Saudara Indonesia denied that the Rp 1.28 trillion was the value of the loss.

The Director of Bank Woori Saudara Indonesia, Wuryanto, stated that the amount of Rp 1.28 trillion is the total value of export credit documents or letter of credit (LC) transactions to a debtor. "The exact value of the loss amount is still under review and cannot be confirmed until the entire internal investigation process is completed," he said in a disclosure to the Indonesia Stock Exchange on Wednesday night, June 11, 2025.

Wuryanto stated that the internal audit team is currently investigating this case. This step is taken to understand in detail the weaknesses and violations that have occurred and to delve into the potential for other abuses.

However, Wuryanto stated that the company is committed to improving governance and internal control. "To ensure that similar incidents do not recur in the future," he said.

According to Wuryanto, Bank Woori Saudara Indonesia will also coordinate with the Financial Services Authority to take corrective measures.

The Chief Executive of Banking Supervision of the OJK, Dian Ediana Rae, stated that their institution will escalate the examination status once sufficient initial evidence related to fraud and alleged involvement of internal bank parties is obtained.

Dian noted that indications of fraud occurred in the maturity of negotiable letters of credit (LC) transactions to a debtor, which allegedly involved internal bank parties. "The OJK has warned the bank about the potential LC debtor transactions as a result of the bank's business process weaknesses in the OJK examination in 2023," she said as quoted by Antara, Wednesday, June 11, 2025.

Dian stated that Bank Woori Saudara has also reported to the OJK and conducted intensive investigative processes. The bank also deactivated the internally involved parties, coordinated with legal firms, communicated intensively with debtors for the settlement of obligations to the bank, and prepared a report to the police regarding the alleged fraud.

Antara contributed to the writing of this article.

Editor's Choice: OJK Reports Rp 2.6tn Lost to Financial Scams, Over 200,000 Accounts Involved

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