Optimus Accounting Audit Begins... When Will Investor Losses Be Confirmed?

[Image source=Yonhap News]

[Asia Economy Reporter Park Jihwan] As the asset due diligence process begins for Optimus Asset Management, which caused a private equity fund redemption suspension incident involving up to 500 billion KRW, attention is focused on how much of the actual fund assets can be recovered. This accounting audit is expected to focus on the extent of the fund losses and whether the investment targets actually exist. The industry expects the audit results to be announced before the end of the year.

According to the financial investment industry on the 6th, Samil Accounting Corporation, NH Investment & Securities, and the Financial Supervisory Service have been holding meetings related to the due diligence plan for Optimus funds since the 2nd and have started the asset due diligence work on Optimus funds.

First, the fund audit will focus on verifying the existence of actual investment targets in the fund. A Financial Supervisory Service official explained, "The due diligence work consists of two pillars: verifying existence and conducting valuation. Basically, we confirm whether the assets listed in the fund statement actually exist, and then proceed with valuation of the remaining assets." Through valuation, the loss amount to investors at a specific point in time will be determined.

The industry analyzes that compared to Lime Asset Management, Optimus has a relatively simple fund structure, so the accounting audit period may be shorter. Previously, Lime's audit lasted four months from November last year to February this year. Considering the vacation period in July and August, the general opinion is that the audit results will be released by the end of this year.

A financial investment industry official explained, "Unlike Lime, Optimus Asset Management has no overseas investment assets, so the audit period is expected to be somewhat shorter." However, there is also a possibility that difficulties will arise in grasping the scale of recoverable assets during the actual audit process, as Optimus has failed to properly explain the use of funds amounting to several hundred billion KRW, and the investment destinations are unclear, including loan companies and real estate consulting firms.

Currently, the fund amount that Optimus Asset Management claims to have invested is 269.9 billion KRW. Considering that the fund balance as of the end of May was 517.2 billion KRW, the amount not yet properly explained reaches about 250 billion KRW.

After the fund asset due diligence is completed and the expected loss amount is confirmed, investors are expected to proceed with formal damage relief procedures, such as applying for dispute mediation with financial authorities.

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