'Remaining Staff 0'... Difficulties Since the Start of the Optimus Investigation

Started On-Site Inspection but No Subjects for Data Requests or Interviews... Considering Introduction of Digital Forensics

[Image source=Yonhap News]

[Asia Economy Reporter Park Ji-hwan] The investigation into the Optimus Asset Management scandal, which raises concerns over the suspension of redemptions for private equity funds exceeding 500 billion KRW, is facing difficulties from the outset. This is because there are currently no employees left at Optimus Asset Management, making it challenging to secure even basic materials for understanding the situation. The inspection team is reportedly considering deploying a digital forensic team.

According to financial authorities and the financial investment industry on the 9th, Samil Accounting Corporation, NH Investment & Securities?the largest distributor?and the Financial Supervisory Service (FSS), appointed as the manager of Optimus Asset Management, completed consultations last week and began full-scale on-site inspections from the 6th. The expected duration of the inspection is about two months.

The fund accounting inspection is the first step to confirm recoverable assets among investment details and to determine the loss rate. The inspection primarily focuses on verifying the existence of actual investment targets in the fund.

The problem is that there are currently no employees left at Optimus Asset Management. Although the inspection has started, there is no one to request materials from or to interview. As of March, there were 12 employees in total, but most resigned as the redemption suspension crisis escalated.

Key figures holding the key to understanding the situation, such as CEO Kim Jae-hyun of Optimus, second-largest shareholder Mr. Lee (45), and company director and H Law Firm representative Mr. Yoon (43), have also been detained by the prosecution. The prosecution plans to focus its investigation on where the fund money flowed, and whether the fund distributors, trustees, and administrative companies bear any legal responsibility.

The inspection team is reviewing the application of digital forensics to secure materials. Digital forensics involves restoring and analyzing various digital information left on storage media such as PCs, laptops, mobile phones, or on the internet. Through materials obtained via forensic work, the existence of assets in the suspended redemption fund and their recoverability will be evaluated. An accounting industry official explained, "The inspection work fundamentally involves verifying whether the assets listed in the fund statement actually exist, and additionally, through asset valuation, finalizing the loss amount for investors."

According to data submitted by the Financial Supervisory Service to Representative Yoon Chang-hyun of the United Future Party, as of June 19, Optimus Asset Management had 46 individual funds set up with a total investment principal of 515.1 billion KRW. Among 1,163 investors, there were 979 individual investors and 184 corporate investors.

The inspection team is expected to classify fund assets by rating based on indicators that can assess the possibility of impairment, similar to the approach used during the Lime Asset Management inspection. For example, assets will be categorized as fully recoverable, partially recoverable, or difficult to recover. Once the expected loss amount is finalized based on this, dispute resolution procedures for investors are expected to proceed in earnest.

However, since the companies Optimus Asset Management identified as investment destinations?such as Art Paradise, CPNS, Golden Core, High Consulting, and NB Capital Loan?are mostly loan businesses or real estate consulting firms with unclear statuses, further verification is needed to confirm whether actual funds were invested. This is also why there is an industry view that the scale of recoverable assets at Optimus may not be very large.

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