Representative and Others Banned from Leaving the Country in Connection with the Optimus Redemption Suspension Incident

[Asia Economy Reporter Oh Ju-yeon] Key executives of Optimus Asset Management have been banned from leaving the country in connection with the suspension of redemptions.

According to the financial investment industry on the 24th, it is known that Optimus Asset Management CEO Kim and directors Lee and Song, among other company officials, have been abruptly subjected to travel bans.

Optimus Asset Management is suspected of raising hundreds of billions of won from investors by claiming to invest in public institution sales receivables, but in reality, forging documents and investing in loan companies and insolvent firms.

As of the end of March, the company's fund balance was 535.5 billion won. The funds of the 'Optimus Creator Fund' issued by Optimus Asset Management, which is facing a redemption suspension crisis in the 500 billion won range, are reported to have flowed into five unlisted companies: loan company Daebu DK AMC, real estate brokerage CPNS, Art Paradise, Andrew General Construction (Boutique Seongji General Construction), and Rafique.

Most investors who invested in the Optimus Fund claim they were told phrases such as "This is a product that can never incur losses" and "Losses cannot occur unless the country collapses," raising concerns about possible mis-selling.

As of now, based on NH Investment & Securities, which sold the most Optimus Funds, four funds have suspended redemptions: Optimus Creator Bond Specialized Private Investment Trust No. 25, No. 26, and No. 15 and No. 16, which matured on this day. The estimated scale of the redemption suspension is about 68 billion won.

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