"High Returns and PB Recommendations"...Companies Investing in Optimus Struggle to Explain

Industry: "1.5 Trillion Investment in Small Asset Managers... Not Easy Without Strong Support"
Attention on Advisory Group Members' Roles... Possibility of Financial Authorities' Intervention

[Asia Economy Reporters Jeongsoo Lim, Jihwan Park] It has been confirmed that Optimus Asset Management sold funds to prominent public enterprises, large corporations, corporate owners, and private universities, causing the situation to escalate rapidly. Securities firms, amid the private equity fund boom, actively engaged in sales by utilizing corporate sales personnel at headquarters and branches, aiming for sales commissions. The reputations of well-known figures such as former Deputy Prime Minister for Economic Affairs Heonjae Lee and former Prosecutor General Dongwook Chae, who served as advisors to Optimus, are also believed to have played a significant role in fund sales.

According to the list of Optimus fund investors as of the 19th, from June 2017, when Optimus began selling funds, until last May, more than 3,000 corporate and individual subscribers invested over 1.5 trillion KRW in Optimus funds. So far, 59 listed companies, including 12 on the KOSPI market and 47 on the KOSDAQ market, have invested in Optimus funds. The investor list also includes famous corporate owners, public enterprises, and private universities.

What is the secret behind raising over 1.5 trillion KRW in just three years since the new asset management company began actively gathering funds?

Listed companies that invested in Optimus stated that securities firms introduced the funds as high-interest, safe products, leading them to invest part of their surplus funds. A finance officer from Nexen, mentioned as an investor in Optimus, said, "The amount Chairman Byungjoong Kang invested in Optimus funds is less than half of what has been reported in the media," adding, "In Nexen's case, NH Investment & Securities' corporate PB introduced it as a safe product investing in public enterprise accounts receivable, so we invested a portion as part of fund management."

Another corporate official said, "Last year, amid the private equity fund investment boom, brokerage firms brought not only Optimus funds but also relatively high-yield interest products to introduce," adding, "If stability is guaranteed, investing in funds with slightly higher yields is a routine matter for surplus fund management departments."

Within the industry, the fact that dozens of large corporations and business figures invested heavily in a specific private equity fund has raised suspicions of possible lobbying involving political and business circles. A financial investment industry official said, "It is not easy for a small, unknown asset management company to achieve large-scale sales performance that even major firms find difficult in a short period without leveraging significant external influence."

The roles of individuals who served as advisors to Optimus are also drawing attention. The advisory group of Optimus included Heonjae Lee, former Deputy Prime Minister for Economic Affairs during the Roh Moo-hyun administration and current director of the Yeoshijae Foundation, former Prosecutor General Dongwook Chae, and former Nara Bank President Ho Yang, among others. A document titled "Fund Defect Cure Related," reportedly written by Optimus CEO Jaehyun Kim on May 10, contains content indicating that these advisors played important roles in the company's operations.

The possibility of financial authorities' involvement is also being discussed. Former Financial Supervisory Service (FSS) Director Yoon is suspected of receiving 20 million KRW after introducing Hana Bank officials, the fund custodian, to Optimus CEO Jaehyun Kim. The prosecution searched Yoon's residence and summoned him for investigation as a suspect. A financial authority official said, "In the Optimus case, alongside the prosecution's investigation, there is a growing atmosphere of uncovering lobbying activities within the financial sector," adding, "At the comprehensive audit on the 23rd, focus is expected on whether former Director Yoon and others were swayed by Optimus' lobbying."

In the political arena, suspicions of involvement by ruling party figures are being actively raised, framing the case as a "power-type gate." The People Power Party has even mentioned introducing a special prosecutor regarding the Optimus scandal, while the Democratic Party counters that the allegations are exaggerated. One of the key figures in the Optimus case, former Blue House Senior Secretary for Civil Affairs Lee, is suspected of holding 9.85% of Optimus shares through the wife of lawyer Yoon, a business partner of Optimus CEO Jaehyun Kim, and then entrusting them under a nominee to Kim's secretary. Lee previously served as an administrative judge at the Blue House National Security Office and worked in the Civil Affairs Office of the Moon Jae-in administration's Blue House.

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