Discovery Fund Victims Demand "IBK, Take 100% Direct Voluntary Compensation"

Press Conference Urging Resolution of Damages in Front of FSC on the Morning of the 9th
Countermeasure Committee: "Must Acknowledge Fraudulent Sales and Guarantee Principal"

On the morning of the 9th, in front of the Financial Supervisory Service in Yeouido, Seoul, the Industrial Bank of Korea Discovery Fund Victims' Countermeasures Committee and related members are urging the resolution of the damages caused by this fund.
Photo by Seongwon Kim, Intern Reporter melody12147@

[Asia Economy Reporter Yoo Byung-don, Intern Reporter Kim Sung-won] Victims of the IBK Discovery Fund have come forward to urge a resolution to their damages.

The IBK Discovery Fund Fraud Victims Countermeasure Committee (Countermeasure Committee) held a press conference at around 10:30 a.m. on the 9th in front of the Financial Supervisory Service in Yeouido, Seoul, calling for a resolution to the fund damages. They demanded that Yoon Jong-won, President of IBK, acknowledge the fraudulent sales practices, nullify the contracts, and guarantee the principal.

On this day, the Countermeasure Committee stated, “IBK claimed to be supporting companies but ultimately caused more difficulties to them through the Discovery Fund,” and added, “The Countermeasure Committee will persistently fight for a 100% direct voluntary compensation reflecting IBK’s special circumstances, beyond the unfavorable Financial Supervisory Service dispute mediation ratio.”

Choi Chang-seok, Chairman of the Countermeasure Committee, said, “At the recent National Assembly audit, President Yoon Jong-won said, ‘We are waiting for the results after the Financial Supervisory Service’s inspection and will take appropriate responsibility for the bank’s mistakes,’” and raised his voice, “However, regardless of the Financial Supervisory Service’s inspection, we demand 100% voluntary compensation from IBK and IBK Securities and will definitely recover the fraud damage amount.”

The Countermeasure Committee has been conducting a “loudspeaker noise protest” in front of IBK’s headquarters since the 30th of last month. They argue that the government and the National Assembly must immediately enact a “Special Act for the Relief of Private Fund Victims” as well as resolving the damages.

The Countermeasure Committee explained, “The loudspeaker noise protest is a small-scale assembly protest suitable for the COVID-19 situation, expressing our determination to make IBK and IBK Securities directly provide voluntary compensation,” and added, “We plan to continue indefinitely until the principal is returned, expanding the targets to include the Financial Supervisory Service and IBK Securities, and cooperating with the Private Fund Joint Countermeasure Committee to spread the movement to each Discovery financial company.”

Meanwhile, the Discovery Fund incident occurred last year when the 'US Fintech Global Bond Fund,' planned and invested by the domestic asset management company Discovery Asset Management, suspended redemptions. The fund was sold through IBK and IBK Securities. The damage scale amounts to approximately 180 billion KRW.

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