Suspicions Over a Fund May Trigger the Collapse of the Moon Jae-in Government.

Allegations surrounding a fund may be the catalyst for the collapse of the Moon Jae-in administration.

On February 9 and 11, the Seoul Police Department questioned Jang Ha-won, the head of an asset management company, on fraud and other charges. Jang’s brother is Jang Ha-sung, former head of the policy office at Cheong Wa Dae (the presidential palace) and current ambassador to China. 19. The buyback was halted in April 2007. 250 billion won 250 billion won (approx. 25 billion won The suspicion is related to the “Discovery Asset Management” (hereinafter referred to as “Discovery”) case, which was suspended in April 2007 and caused 250 billion won (about 25 billion yen) in damages.

What is “Discovery”? Discovery Mr. Jang’s company sold the fund through city banks and securities companies in South Korea for two years from April 2005. Mr. Jang’s company appealed that the fund was safe because it was structured to generate income by investing in bonds by a U.S. management company. It attracted a huge amount of money.

However, the U.S. asset management company was accused by the U.S. Securities and Exchange Commission of falsely reporting the value of its assets, and its assets were frozen. As a result, the buyback of “Discovery” was cancelled.

The South Korean investigative authorities have obtained a list of Discovery’s VIP investors. In addition to the Jang Xia-sung and his wife, the list includes the names of government officials such as the former head of the policy office at Cheong Wa Dae. This is where the serious allegations came to light. Kim Hyun, the Tokyo bureau chief of the Korea Financial Daily, tells us.

According to reports, the contract was a ‘closed contract’ in which ordinary investors who suffered heavy losses due to the suspension of fund redemptions could not receive refunds until the maturity of their investments. On the other hand, Mr. Zhang and other VIP On the other hand, Mr. Zhang and other VIP investors had an “open-type” contract. In other words, they were the only ones who could sell out at any time.

A financial expert who works in an investment bank said. “It’s a well-known story in the industry that Discovery expanded its scale with the help of Jang Xia-sung after the inauguration of the Moon Jae-in administration.

10-fold increase in assets since Moon Jae-in took office

In fact, the Discovery In fact, by the first half of 2005, Discovery’s assets under management totaled 50 billion won 50 billion won (approx. 5 billion yen. However, after the inauguration of the Moon Jae-in administration, investments poured in. However, after the inauguration of the Moon Jae-in administration, there was a rush of investment. By the first half of 2008 In the first half of 2008, the size of its assets grew to nearly 10 times nearly 10 times 493.3 billion won 493.3 billion won (approx. 493.3 billion won At the time, Representative Jang’s brother, Jang Xia-sung, was the head of the Presidential Office Policy Office, directing the economic policies of the Moon Jae-in administration. During this period, Jang’s brother, Jang Xia-sung, was directing the economic policies of the Moon Jae-in administration as head of the Presidential Policy Office.

Mr. Kim, the station chief, continues.

Mr. Kim, the bureau chief, continues, “The Discovery April 19 In April of 2007, “Discovery In April 2007 and again in 2008. in April 2007 and again in 2008. 100 billion won 100 billion won (approx. 100 billion won The redemption of a real estate loan fund worth 100 billion won has been postponed, causing significant losses. The victims suspect the involvement of the political world. The “Discovery”. 17 Year April They say it is strange that “Discovery” is a new investment management company registered in April 2005, but has grown rapidly with major financial institutions as its sales window.

The situation is now attracting even more attention. This is because opposition presidential candidate Yun Seok-yeol is gaining support, and expectations are rising for him to pursue the allegations.

On February 9, Jang Xia-sung and other government officials suspected of involvement explained that there was no violation of the law. However, there is no overturning the fact that, unlike ordinary users who cannot buy back their shares until they mature, they subscribed to an open-ended scheme that allowed them to freely transfer money in and out.

Depending on how the opposition pursues the case, it could turn into a scandal that could fundamentally shake the Moon administration before its term expires in May.