![[단독] WeWork investment products sold by Shinhan Investment Corp, turned out to be fraudulent](https://image.chosun.com/sitedata/image/202103/19/2021031901023_0.jpg "[단독] WeWork investment products sold by Shinhan Investment Corp, turned out to be fraudulent")
Input 2021.03.19 10:40
Shin Geumtu asked Singapore police to investigate last month
It was confirmed that Shinhan Investment Corp. said that it was investing in the stock of a U.S. private company, WeWork, and that a specific monetary trust fund that sold more than 10 billion won was actually invested in a paper company that does not own WeWork stock.
Shingeumtu acquired a special purpose corporation (SPC) that claimed to hold unlisted stocks of WeWork with funds from a specific monetary trust, but this special purpose corporation did not own WeWork stocks. A specific monetary trust is an earnings dividend product that manages the method of managing funds entrusted by the investor as directed by the investor.
Investors are very embarrassed after being notified by Shin Geumtu of this. This is because I have believed that I have invested in WeWork stocks only by trusting the words of the seller, Shin Geumtu. It is known that some investors are considering how to get the investment back through legal advice.
It was a time when WeWork was preparing to list, so trading of unlisted stocks was temporarily suspended. As a result, Shingeumtu, which had difficulty in buying WeWork shares, used a method of acquiring a special purpose corporation (SPC) that already owns WeWork shares.
However, it was revealed in February that SPC did not actually own WeWork shares. He recognized that he had been scammed after 1 year and 9 months after selling a specific money trust to customers saying that he was investing in WeWork stocks. The SPC is a company in the Cayman Islands, a tax haven.
Shingeumtu acquired SPC, which claimed to have WeWork stock, with a specific monetary trust fund, and entrusted it to a company called South China Asset Management Ltd in Hong Kong. He told Shingeumtu.
An official from Shinhan Investment said, “When we acquired SPC, we checked the documents with South China Asset Management and decided that SPC had WeWork stock. But last month, when South China Asset Management first bought SPC, we “I realized that the details of the holdings and the current holdings are different,” he said.
The official said, “Currently, you have requested an investigation by the Singapore police.” Shingeumtu bought SPC from Singaporeans in 2019.
In the statement of assets under management of a specific money trust,'(WeWork) shall return the in-kind (stock) to the customer’s new money investment consignment account after the protection deposit period (6 months) when listing on stock exchanges such as Hong Kong, China, and the United States within 3 years. It says’plan’. In addition, if it is not listed, it is stated that it will be returned in cash through the sale of unlisted stocks.
This specific monetary trust is a product whose maturity can be extended from 3 years to a maximum of 2 years. The three-year expiration is next May. Shingeumtu determined that a significant variable had arisen in a specific money trust, and guided this fact to customers through branch offices.
A senior official of Shin Geumtu said, “The board of directors is aware of this issue, and the direction of how to resolve it has not been decided at this time.”
WeWork is a shared office company established in New York, USA in 2010. Although it attempted to list on the US stock market in 2019, controversy over concerns over the profitability of its business model applied to the US Securities and Exchange Commission (SEC) to withdraw the listing. WeWork’s enterprise value, which was evaluated in the market in 2019, was $47 billion (about 52 trillion won), but as the shared office business decreased after the corona pandemic, it is currently evaluated as a company of about 10 billion dollars (about 11 trillion won).