Prosecutors Summon Yang Ho, Former President of Nara Bank, Key Figure in 'Optimus Lobbying Suspicion' for Investigation

Seoul Central District Prosecutors' Office / Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Kim Daehyun] The prosecution investigating the Optimus Asset Management (Optimus) fund fraud and allegations of lobbying in political and governmental circles has summoned Yang Ho, the former president of Nara Bank and a key figure in the Optimus advisory group, for questioning.

According to the legal community on the 26th, the Economic Crime Criminal Division of the Seoul Central District Prosecutors' Office (Chief Prosecutor Joo Mincheol) called Yang, the former president, on the 24th as a witness for investigation.

The prosecution is reported to have mainly inquired whether Yang was aware of the Optimus fund fraud and what contributions he made to the growth process of Optimus.

As the largest shareholder of Optimus, he is suspected of exerting various pressures on financial authorities by mobilizing his connections in the financial sector whenever Optimus faced problems.

In particular, a document titled "Regarding Fund Defect Remedy," reportedly written by Kim Jaehyun, CEO of Optimus, states that when Optimus was on the verge of receiving a timely corrective action from the Financial Services Commission at the end of 2017, former president Yang acted as an intermediary and secured a grace period.

Additionally, during last year's National Assembly audit of the Financial Supervisory Service, a recording was revealed in which Yang, in November 2017, told his office secretary, "I'm going to the Financial Supervisory Service next week, and they said they would treat the VIP well, so they asked for the car number."

Therefore, there is speculation that Yang, summoned as a witness, could be reclassified as a suspect depending on the investigation's progress. However, he maintains that he "did not involve himself in (Optimus) management and was completely unaware of the fund fraud case."

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