Contract Cancellation VS Incomplete Sale... Financial Supervisory Service Has Not Yet Reached a Conclusion on Optimus Relief Measures

Yoon Seok-heon, Governor of the Financial Supervisory Service

[Asia Economy Reporter Eunmo Koo] The Financial Supervisory Service (FSS) stated that it has not yet reached a conclusion on the investor relief measures for the Optimus Fund.

On the 23rd, at an online year-end meeting with the press corps, Yoon Seok-heon, Governor of the FSS, said that since the investigation related to the Optimus Fund ended six months ago and some arrangements have been made, a conclusion regarding dispute mediation will be reached as soon as possible.

Governor Yoon said, “The legal review related to contract cancellation is in its final stages,” adding, “We will reach a conclusion through legal review and fact verification, and then proceed with sanctions and dispute mediation procedures.”

Earlier in June, the FSS Dispute Mediation Committee decided that the sellers must return 100% of the principal for four cases of Lime Asset Management’s Pluto TF-1 (Trade Finance Fund) sold after November 2018. This was the first time in the history of financial investment product dispute mediation that a decision was made to refund 100% of the principal to investors on the grounds of “contract cancellation due to mistake.”

Governor Yoon also mentioned that if contract cancellation is difficult, they are considering shifting the approach to incomplete sales. He said, “There is an issue regarding whether dispute mediation can be conducted when the amount of damages cannot be estimated, but if there is an agreement between investors and sellers, we will hold a Dispute Mediation Committee meeting based on that and prepare a recommendation.”

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