[Apha Biz=(Chicago) Reporter Paul Lee] Prosecutors have launched an investigation into allegations that about 2.5 billion won out of Lime Asset Management's tens of billions of won in investment, which caused a massive redemption suspension, was delivered to Democratic Party of Korea-related figures.

According to prosecutors on the 29th, the joint investigation department of financial and securities crimes at the Seoul Southern District Prosecutors' Office is looking into suspicions that 2.5 billion won out of the 30 billion won Lime Fund invested in Metropolitan private equity bonds, a real estate developer, flowed into Democratic Party of Korea officials who were the ruling party at the time. Lime's investment in the Metropolitan, including private equity bonds, totaled 350 billion won, while the chairman of the Metropolitan is Kim Young-hong, 50, who is called the "Lime Body."

The Financial Supervisory Service reportedly found that 1.96 billion won of the investment was delivered to Jang, who served as executive chairman of the "Special Committee on Basic Economy," a group that supports the Democratic Party of Korea's presidential candidate, and 530 million won to Jeon, who served as a sponsor for the Democratic Party of Korea's Gangwon Provincial Party. The prosecution suspects that some of the 27.6 billion won Kim delivered to Islamic resort operator B via Metropolitan CEO A went to Jang and Jeon through B's acquaintance. There is also a possibility that the investigation network may be expanded to other opposition figures besides Jang and Jeon as some of the amounts have been found to have been converted into coins have been identified.

The Financial Supervisory Service will expand its inspection to Mirae Asset Securities, a seller, following management and beneficiaries over the alleged preferential redemption of the Lime Fund. Mirae Asset Securities is suspected of preferential redemption by recommending Rep. Kim Sang-hee of the Democratic Party to repurchase the Lime Fund. The FSS has been inspecting Mirae Asset for unhealthy business activities in connection with bond-type wrap accounts and specific money trusts since the middle of this month, and it has been confirmed that it has added a test to investigate the alleged Lime Fund. Just before the massive suspension of redemption by Lime Asset Management breaks out, the FSS plans to look into why Mirae Asset actively encouraged some subscribers, including lawmakers, to return the investment.

 

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