Korea Minting and Security Printing Corporation turned out to have attempted to hide its printing accident of one thousand won in faulty notes and spent around 100 million won to hire retirees to settle the matter last year.
Choi Jae-sung, a lawmaker of the main opposition party New Politics Alliance for Democracy said, "The employees reported the printing accident to the chief eight days after it took place," adding that, "They also reported to the internal supervisor three days later, violating the corporate rules."
The corporation is required to report immediately to its chief when exceptional accidents take place. Choi said, "It is suspected that the employees attempted to hide or downscale the problems of the note production."
Korea Minting and Security Printing Corporation was in the process of printing 50 million copies of one thousand notes to supply to the Bank of Korea. However, it was found out that there were massive faulty notes as the silver line on the front notes did not meet the standard.
The corporation's employees are said to have mobilized the retirees and their families to classify the faulty notes in a bid to conceal the incidents.
The corporation has not hired any outside experts for the last five years, but it spent 100 million won to settle the issue during the one month. The company’s sales last year increased mere 500 million won to 127.6 billion won from the year earlier.
