Police Investigate Former IBK Bank President Kim Do-jin as Suspect in 'Discovery Fund Sales' Case

[Image source=Yonhap News]

[Asia Economy Reporter Oh Gyumin] The police have summoned former IBK Industrial Bank of Korea (IBK) President Kim Dojin as a suspect for investigation related to the 'Discovery Fund redemption suspension' incident.

The Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency announced on the morning of the 10th that they are questioning former President Kim. The Discovery Fund was sold through commercial banks and securities firms such as Hana Bank and IBK Industrial Bank of Korea from 2017 to 2019. According to the Financial Supervisory Service, as of the end of April last year, the total outstanding balance that banks and others failed to redeem due to the suspension of redemptions amounted to approximately 256.2 billion KRW.

IBK Industrial Bank of Korea is known to have sold the most of the fund, and the police conducted a search and seizure last July on IBK Industrial Bank of Korea, which sold the Discovery Fund, as well as Hana Bank, Korea Investment & Securities, and Hana Financial Investment. Recently, the police have summoned IBK Industrial Bank of Korea officials as witnesses to investigate possible violations of the prohibition on unfair solicitation practices.

In the process, it was revealed that Jang Ha-sung, the Ambassador to China, and Kim Sang-jo, former Chief Presidential Secretary for Policy, also invested large sums in the fund.

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