[Alpha Biz=(Chicago) Reporter Paul Lee] Mirae Asset Securities found that an employee of its alternative investment department forged a $210 million (about 280 billion won) loan contract without going through the company's investment review committee and provided it to overseas trading companies through its own audit. Mirae Asset Securities is on the verge of a massive compensation suit.

According to The Korea Economic Daily on the 7th, Mirae Asset Securities was dismissed two months later after finding out that the director of the investment development headquarters forged the loan contract in June.

The case was revealed when U.S. biofuel facility developer Rise Renewables demanded Mirae Asset for damages through a private arbitration agency in the first half of this year after it failed to receive loans.

Rise has worked on a project to expand new renewable diesel fuel facilities in Las Vegas, Nevada. In January 2021, A forged and sent about 30 pages of loan contracts that said Mirae Asset Securities would lend $210 million to the project.

However, Mr. A could not provide the loan to Rise. This is because it was not approved by the Investment Review Committee. In response, A reportedly persuaded him to lend only $ 50 million (about 67.5 billion won) to Rise and set up a special purpose corporation (SPC) to personally form a large group, but this also failed.

The Financial Supervisory Service was briefed on the forgery of Mirae Asset Securities' loan agreement and began to figure out how it happened. Mirae Asset has filed a complaint with the prosecution against A, and the investigation will proceed.

An official at Mirae Asset Securities said, "This case was personally conducted by an employee, and we conducted our own audit in recognition of the situation in accordance with the company's internal control system."

"There was no financial damage," the official said. "The employee was fired."

 

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