Authorities “Private Equity Fund Investigation In Progress”
The Financial Supervisory Service announced on the 21st that it will finish dispute settlement on five major private equity funds, including Lime and Optimus funds, in the first half of the year for quick relief of victims.
According to the Financial Supervisory Service, as of the end of December last year, the amount of the fund that was postponed is 6,847.9 billion won (6,6482 trillion won for private equity, 96.9 billion won for public offering). There were a total of 1787 complaints about disputes in this regard. Among them, five funds, including Lime, Optimus, Heritage, Discovery, and Healthcare Fund, account for a significant portion of the repurchase suspension, with a total of 2.884.5 billion won (42%) and 1370 disputes (77%).
Lime Fund, which caused a cessation of repurchases of 1.4 trillion won, has received about 1.1 trillion won of damage relief by the end of last year. These include cancellation of the contract due to an error (161.1 billion won), compensation for damages by post settlement (3548 billion won), partial advance payment of compensation, or personal settlement (600 billion won).
At the beginning of next month, the Dispute Mediation Committee will be held for the Optimus Fund (5209 billion won). Like the Lime Trade Finance Fund, the FSS is expected to apply’contract cancellation due to error’. In this case, the full amount of the principal can be returned. The settlement of disputes on Heritage (5209 billion won), Discovery (2562 billion won), and healthcare fund (184.9 billion won) begins at the end of May.
The Financial Supervisory Service said, “Currently, the DLF damage relief has been completed and Lime Fund is in a probationary phase, and dispute settlement for five funds including Optimus will be completed within the first half.” We will stabilize it.”
The Financial Supervisory Service is also conducting a thorough investigation into all professional private equity managers and 9000 private equity funds. 81.9% of the inspection was completed by the method of document information dialogue (checklist) centered on the sales company, and the work will be completed in the first half of the year.
Reporter Kim Hee-won [email protected]
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