On the 28th, the IBK Discovery Fund Fraud Damage Countermeasure Committee is performing in front of the Yeouido Financial Supervisory Service in Yeongdeungpo-gu, Seoul. /Photo = Yonhap News
The decision to level sanctions against Lime Fund and IBK IBK, which sold the Discovery Fund, which caused massive damage, has been postponed to the 5th of next month.
On the 28th, the Financial Prison Service held a non-face-to-face sanctions deliberation committee (sanctions review) to propose and deliberate measures as a result of inspections on Discovery Asset Management and IBK.
The sanctions hearing, which was held from 2 pm on this day, started with Discovery Asset Management, a discovery fund management company, and continued until 8 pm, but the meeting was decided to resume on the 5th of next month.
IBK sold 3612 billion won worth of Discovery US Fintech Global Bond Fund and Discovery US Real Estate Senior Bond Fund worth 318 billion won in 2017-2019, respectively. However, the redemption of 69.5 billion won and 21.9 billion won, respectively, has been delayed as the US manager cannot recover the bonds invested in the fund.
Lime Fund, which caused a large-scale redemption suspension, also sold 29.4 billion won.
This trial of sanctions is drawing attention as the FSS is the first to sanction banknotes related to the insolvency of private equity funds. After determining the level of sanctions against IBK, the Financial Supervisory Service plans to conduct sanctions on Woori, Shinhan, Industrial, and Busan banks involved in the private equity crisis within 2-3 months.
Bobae Lee, guest reporter at Hankyung.com [email protected]
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