[2020 National Audit] Park Beom-gye "Thorough Investigation Needed on the Dismissal of Charges Regarding Optimus Investment by the Korea Radio Promotion Agency"

Park Beom-gye, Member of the Democratic Party of Korea [Image source=Yonhap News]

[Asia Economy Reporter Seongpil Cho] On the 20th, Park Beom-gye, a member of the National Assembly's Legislation and Judiciary Committee from the Democratic Party of Korea, insisted on the need for a thorough investigation into the Optimus investment suspicion case involving the Korea Communications Agency, which was previously dismissed as no charges by the Seoul Central District Prosecutors' Office.

In a press release on the same day, Representative Park stated, "According to the investigation request document secured in 2018 regarding the Communications Agency, the subjects of the investigation at that time were Kim Jae-hyun, CEO of Optimus Asset Management, Jung Young-je, Head of Alternative Investments at Optimus Asset Management, and Park Jun-tak, CEO of MGB Partners, all of whom were strongly suspected of embezzlement and breach of trust."

The investigation request document is based on facts revealed through audits by the Ministry of Science and ICT and National Assembly inspections. According to Representative Park's office, it specifically shows circumstances where CEO Kim, CEO Jung, and CEO Park colluded to illegally divert the Communications Agency's investment funds for purposes such as acquiring new shares of Seongji Construction.

Previously, from June 2017 to March of the following year, the Communications Agency invested 68 billion KRW (Seongji and STX invested 74.8 billion KRW) of the Broadcasting and Communications Development Fund and Information and Communications Promotion Fund operating funds into Optimus Asset Management. The Communications Agency is a public institution under the Ministry of Science and ICT (MSIT), responsible for fund management, promotion of broadcasting and communication content, and provision of radio wave services. The funds invested in Optimus were money paid by mobile carriers to the state as fees for frequency allocation.

However, according to the investigation request document secured by Representative Park, Optimus Asset Management had purchased corporate bonds issued by MGB Partners to raise funds for acquiring shares of Seongji Construction. Representative Park stated, "It is presumed that the Communications Agency's investment funds were used at that time." Additionally, the document notes that the Communications Agency's investment funds were used as acquisition funds for Seongji Construction through indirect methods, according to Representative Park.

MGB Partners secured shares of Seongji Construction in September 2017 using the Communications Agency's investment funds, and in October of the same year, CEO Jung and CEO Park acquired management rights of Seongji Construction. Subsequently, 25 billion KRW from the paid-in capital increase through new share issuance of Seongji Construction was again leaked from Seongji Construction to MGB Partners in the form of loans and other means. Ultimately, signs of embezzlement and breach of trust by MGB Partners against Seongji Construction were discovered, leading to Seongji Construction's delisting in October 2018.

Representative Park said, "Despite the serious nature of the case, involving allegations of no-capital mergers and acquisitions and embezzlement and breach of trust that led to Seongji Construction's delisting, the Seoul Central District Prosecutors' Office, which received the investigation request at the time, dismissed all charges after six months of investigation." At that time, the head of the Seoul Central District Prosecutors' Office was Prosecutor General Yoon Seok-youl.

Representative Park pointed out, "If the Seoul Central District Prosecutors' Office had thoroughly investigated and prosecuted the Communications Agency's investigation request, the current Optimus scandal would not have occurred. Even now, a thorough investigation should be conducted to hold those responsible accountable and to clearly reveal how the no-charge decision was made at that time."

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