South Korean State Banks Deny External Pressure in Film Investment Allocations
South Korean state-run financial institutions are pushing back against criticism regarding their backing of the controversial film “Assassins,” maintaining that all funding decisions relied entirely on internal reviews rather than outside political influence. On October 3, 2026, financial industry sources detailed how both the Korea Development Bank (KDB) and the Industrial Bank of Korea (IBK) defended their capital allocation processes following disclosures by opposition lawmakers, [fnnews.com] reported.
The financing scrutiny follows data released on September 30, 2026, by People Power Party lawmaker Joo Jin-woo. According to that disclosure, state-backed entities directed significant capital toward the film project and its production company, Hive Media Corp, prompting questions over how public funds reached the entertainment sector.
Internal Review Procedures at Industrial Bank of Korea
IBK addressed the funding allocations by releasing a formal statement outlining its evaluation protocols. The bank stated that its involvement followed standard operating procedures identical to past entertainment investments, relying on a dedicated internal department to perform independent screenings.
“Existing procedures were followed identically through an investment review by a dedicated department,” IBK stated in its release. The bank added that final approval came only after a comprehensive evaluation of the production company’s track record, the overall market competitiveness of the director and cast, and projected commercial viability. IBK explicitly denied that outside requests or abnormal channels played any role in approving the funds.
Fund Structures and Korea Development Bank Positioning
The Korea Development Bank issued a separate clarification to distance itself from direct investment decisions tied to the film. KDB explained that it did not inject capital directly into “Assassins,” but instead participated indirectly as an institutional investor in broader venture funds.
According to KDB officials, the actual authority to select individual film projects rests solely with third-party asset managers. The bank emphasized that investment choices and subsequent fund management remain the exclusive domain of the external operating firm, S Company, noting that KDB holds no legal mechanism to intervene in individual project selections made by the fund.
“Investment decisions and post-management for individual fund projects are the proprietary duties of the asset manager and must be performed independently,” KDB stated, adding that the institution is barred from interfering in those operational choices.
Lawmaker Joo Jin-woo’s legislative disclosure mapped out the specific financial footprints of these state-backed funds. The records show that a KDB-backed fund allocated 400 million won directly to the production. Furthermore, funding pools involving IBK delivered 14.25 billion won to Hive Media Corp, while a KDB-participating fund injected another 14 billion won into the same studio.
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