The More You Dig... Optimus Resembling Rhyme

Expected Investor Losses in Billions
Two Days After NH Investment & Securities Report
Prosecutors Raid 18 Locations, Analyzing Data

Closed Structure Similar to Lime
Lawyer Yoon Identified as Key Figure

[Asia Economy reporters Seongpil Cho, Jihwan Park, Minji Lee] The prosecution's large-scale raid and forced investigation into Optimus Asset Management stem from concerns that it could follow the same path as the Lime Asset Management incident, which involved redemption suspensions amounting to 1.7 trillion won. Since the Optimus case is also expected to cause investor losses in the billions of won, it is interpreted as an intention to secure key materials and the whereabouts of related parties through proactive investigation.

According to the prosecution and the financial investment industry on the 26th, the Seoul Central District Prosecutors' Office Investigation Division 1 (Chief Prosecutor Oh Hyun-chul) has been analyzing materials secured through raids conducted over two days starting on the 24th at 18 locations, including Optimus Asset Management in Samseong-dong, Gangnam-gu, Seoul. The prosecution plans to begin summoning and interrogating related parties in earnest as soon as the analysis of the seized materials is completed. However, it is expected that the analysis will take several days due to the vast amount of materials secured.

The prosecution's investigation is likely to proceed swiftly before and after the analysis of the seized items. This raid was carried out abruptly just two days after NH Investment & Securities, which sold most of the Optimus funds, filed a complaint with the prosecution on the 22nd. The acceleration is seen as an effort to avoid repeating the failure during the Lime Asset Management redemption suspension incident, where key executives fled, hindering investigation and prosecution. Along with the raid on the 24th, the prosecution imposed travel bans on key figures including Optimus CEO Kim and directors Lee and fund manager Sang-in Song.

Optimus Asset Management is suspected of operating private equity funds by collecting investment funds from about 1,000 investors over the past two to three years under the pretext of investing in public institution sales receivables, but in reality investing in loan companies, insolvent firms, and real estate, while engaging in a Ponzi-like scheme to pay returns. The prosecution is considering applying charges such as △fraudulent trading under the Capital Markets Act △fraud under the Act on the Aggravated Punishment of Specific Economic Crimes △forgery and use of private documents against Optimus and related parties. They are also investigating the possibility that fund money was illegally used for corporate acquisitions.

So far, the Optimus redemption suspension incident is unfolding in a manner quite similar to the Lime case. Both involve 'closed-end' private equity funds with thoroughly concealed fund structures and low liquidity. Due to these structural issues, Lime was able to carry out an organized Ponzi scheme to hide the insolvency of its included assets. In the case of Optimus, it is presumed that assets completely different from those stated in the terms were included, resulting in poor fund management.

The sales companies blaming the asset managers, and the asset managers blaming the law firms that prepared the documents, each trying to shift responsibility, as well as the sales companies focusing solely on sales without proper verification, are overlapping situations.

The presence of a leading figure also recalls the Lime incident. The core of the Lime case was former Lime Asset Management Vice President Jongpil Lee. Alongside him, former Star Mobility Chairman Bonghyun Kim played a leading role behind the scenes, with sales companies and political and government figures involved. Based on the current situation, it is understood that attorney Yoon from H Law Firm, who handled deal sourcing and other tasks, led everything in the Optimus case. Optimus Asset Management claims they are unrelated to the public institution sales receivables fund fraud. At a meeting last week between sales companies and asset managers, attorney Yoon insisted, "I forged documents to embezzle funds and acted alone."

However, the consensus in the legal and securities industries is that it is difficult for one person to lead all these activities alone. A senior official in the securities industry pointed out, "Sales receivables from public institution orders are rare assets that do not usually appear on the market because there is no need to securitize them to raise funds, but Optimus almost monopolized sales. It is impossible that CEO Kim of Optimus, who even attended briefings for sales companies, was completely unaware of product management." A legal industry official said, "Considering the overall situation, this is not something one person could do alone. Since attorney Yoon is admitting everything alone, it seems he might be trying to reduce his sentence by considering the trial."

There are also evaluations that it is premature to compare the Optimus incident to Lime. In Lime's case, it was revealed that sales companies continued selling despite knowing the trade finance fund was at risk of total loss. However, in the current Optimus case, it has not yet been revealed whether unlisted bond issuers or securities firms involved in sales were complicit. Even the sales companies claim they are victims themselves, stating that they introduced the product to investors as a safe investment, classified as risk grade 5 (low risk) by financial authorities.

This content was produced with the assistance of AI translation services.