Pastor indicted for embezzling Christian bank funds

| August 5, 2011

The first criminal division of the Seoul Central District Prosecutors’ Office announced Wednesday that it had arrested and indicted Pastor Kang Bo-young, 65, on fraud charges for misappropriating 2.38 billion won ($2.3M) received from 284 ministers and congregation members as investment for the establishment of a Christian social welfare bank modeled on the microlender Grameen Bank.

Kang’s effort to establish the bank drew criticisms in November 2010 over a lavish “founders‘ meeting” for which around 8 thousand people gathered at Jangchung Gymnasium in Seoul’s Central District and prayed for the successful holding of the G-20 Summit and the establishment of a financial company entitled “Korea Social Welfare Fund (KSWF)”.

At the time, Kang said he planned to establish a Christian bank as a primary financial institution with starting capital of 1.5 trillion won either by acquiring an existing bank or creating a new one.

Participating as VIP guests, conservative Protestant figures like Christian Council of Korea honorary Chairman Eom Shin-hyung and KoreaSuccess21 Seoul Council Chairman Jang Seok-gu said they would lend their support to the bank’s establishment.

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Category: Church Security

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