United Future Party's Special Committee on Private Equity Fund Corruption Prevention Takes First Step... "High Probability of Power-Related Corruption"

[Image source=Yonhap News]

[Asia Economy Reporter Lim Chun-han] On the 9th, the United Future Party held the first meeting of the 'Special Committee for the Prevention of Private Equity Fund Corruption and Victim Relief' and began investigating suspicions related to incidents involving Lime Asset Management and Optimus Asset Management.

Joo Ho-young, the floor leader, stated at the special committee meeting held at the National Assembly that day, "Circumstances involving key figures of the regime have been reported through the media, amplifying public suspicions of power-related corruption," and added, "In the case of the former CEO of Optimus, there is a history of running as a strategic candidate of the Democratic Party, participation in presidential events, and close exchanges with core figures of the regime, making it highly likely that this is a case of power-related corruption."

Floor leader Joo pointed out, "Some groups operated private equity funds in a manner close to fraud, causing enormous damage to innocent investors," and said, "Although the Financial Services Commission and the Financial Supervisory Service detected signs of problems, they failed to properly manage and supervise, which contributed to the expansion of the damage. The government is more focused on shifting responsibility among supervisory agencies than preparing relief measures for thousands of victims."

Lee Jong-bae, chairman of the Policy Committee, said, "It appears that a new form of collusion between politics and business or power-related corruption involving close ties to key power figures has been revealed," and added, "Even looking at recent cases, suspicions of collusion between private equity funds and power are clearly emerging."

Yoo Ui-dong, a member of the special committee and its chairperson, said, "We need to carefully examine where the system went wrong and needs correction, and we will do our best to provide relief to the victims," and added, "Furthermore, attention is drawn to the fact that familiar names are being mentioned in the two cases that were initially thought to be simple financial accidents or fraud." He continued, "Specific individuals who are key figures in the current regime, their high school and university alumni, current members of the National Assembly, and candidates for the 21st general election are being mentioned intensively, which cannot be dismissed as mere rumors. We will mobilize all our capabilities to thoroughly investigate this matter."

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