[2020 National Audit] Optimus Fraud Under Scrutiny... "Namdong Power Generation Differs from Usual Procedures"

Namdong Power President "Business Investment Not Confirmed... Never Received External Calls"

Yu Hyang-yeol, President of Korea South-East Power Co., Ltd., is attending the National Assembly's inspection of Korea Electric Power Corporation and others at the Industry, Trade, Energy, Small and Medium Business Committee held on the 15th. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Moon Chaeseok] The Optimus Asset Management fund fraud case came under scrutiny on the 15th during the National Assembly’s Industry, Trade, Energy, Small and Medium Enterprises Committee’s audit.

Lee Cheol-gyu, a member of the People Power Party, pointed out regarding Namdong Power’s biomass power generation project in Thailand, "Although the party denies it, it has been confirmed that matters similar to those mentioned in the Optimus documents took place between Optimus and Namdong Power."

Lee said, "Looking at the process of acquiring information for just over a month and receiving qualification screening within 35 days, it differs from the usual business development process of Namdong Power," and questioned Namdong Power President Yoo Hyang-yeol, "In relation to this project, have you ever received any recommendation, request calls, or meeting instructions from anyone mentioned in the Optimus documents?"

In response, President Yoo said, "No," and added that he has "never called or met with Optimus or NH Investment & Securities officials."

Jeong Tae-ho, a member of the Democratic Party of Korea, said, "The Optimus issue is seen as a simple fraud case," and added, "The political offensive trying to frame this as a power-related corruption is tiring the public."

President Yoo also explained, "Although the media reported as if the investment screening was finalized, it was actually an initial stage, a phase to determine suitability for conducting a feasibility study."

Regarding the connection with former Deputy Prime Minister for Economic Affairs Lee Heon-jae, President Yoo said, "I was embarrassed to see my name mentioned in media reports," and reiterated, "There was no phone call or contact from former Deputy Prime Minister Lee to me."

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