"Suspension of Healthcare Fund Redemptions Is Fraud"…Civic Group Files Complaint with Prosecutors

"Established Asset Management Company Initially to Collect Fees"

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Byung-don] Individuals involved in the suspension of redemptions of the Italy Healthcare Fund have been reported to the prosecution.

The financial civic group Financial Justice Solidarity submitted a complaint to the Seoul Southern District Prosecutors' Office on the 25th, stating that the 'Italy Healthcare Fund redemption suspension' incident was caused by a planned fraud.

The group claimed, "Upon verifying information about the US-based asset management company CBIM, known to have managed the healthcare fund, a third company not mentioned in the investment prospectus was identified," adding, "The representative of this company, Mr. Kim, received a high 4% fee under the pretext of 'deal sourcing' without doing any work, pocketing approximately 4.7 billion KRW."

They continued, "It is presumed that Mr. Kim is the same person as the actual owner holding the largest ownership of CBIM," explaining, "From the beginning, a fake overseas asset management company was established with the intention of collecting fees and raising capital."

They also pointed out, "Hana Bank, the distributor of the healthcare fund, is suspected of deceiving customers by selling a 24-month maturity product as 'redeemable early within 13 months.'"

Meanwhile, the Italy Healthcare Fund was sold by Hana Bank between 2017 and 2019 and is known as a product investing in medical fee accounts receivable that Italian hospitals claim from local governments. Since the end of 2019, repayment delays and early redemption failures have occurred, and victims filed a lawsuit against Hana Bank and others for fraudulent fund sales in July of last year.

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