Live-action Optimus ‘scam’ … 430 billion won from 510 billion won

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Of the 510 billion won in the Optimus Asset Management Fund, which was revealed as a case of fraud, the recoverable amount is estimated to be only 78.3 billion won (15.2%) from a low of 40.1 1 billion won (7.8%). It means that 430 billion to 470 billion won cannot be delivered.

On the 11th, the Samil Accounting Firm announced the results of its due diligence on the Optimus Fund. Of the 46 Optimus funds established at KRW 5146 billion, the final investment destinations subject to due diligence were 63 KRW 351.5 billion. The remaining 160 billion won could not be subjected to due diligence due to embezzlement or forgery, and cash, deposits, and funds transferred to the city’s warriors were excluded from due diligence.

◇ Optimus, who was buying a safe ‘public sale bond’, invests and removes PF from real estate

Optimus Asset Management’s fund of funds, which was tricked into investing in accounts receivable from secure public institutions, increased to 5.745 billion won as external funds were mixed in the process of going through the primary and secondary conduit. Optimus is believed to have invested in real estate and stocks through primary conduits such as CPNS, Atri Paradise, Rafik, Daebu DK, Chungju Lake Cruise, and Blue Whale, as well as secondary conduits such as TrustAll and Septillion. Some have also used it to “ lock funds ” to refund previously redeemed funds. The amount that Optimus Asset Management’s investment objective was confirmed is 351.5 billion won. Of this, Optimus invested 127.7 billion won in the real estate PF business. This amounted to 68.8 billion won in ongoing projects, such as 22.4 billion won in the Busan development project and 15.9 billion won in used car sales complexes. In addition, Optimus invested 122.6 billion won in equity investments in listed companies such as Seongji Construction and 14.4 billion won in equity investments in publicly traded companies. Most of the listed companies in which Optimus invests are currently delisted or suspended.

Additionally, it has invested 72.4 billion won in bonds and 14.5 billion won in condo beneficiaries, such as loans of 50 billion won to affiliates, including H Industry.

However, for the remaining amounts other than 3.515 billion won, the details of the use of the funds were found to be unclear.

◇ Grade C 2927 billion won, which is less than a dime … 40.1 billion ~ 783 billion recovery possible

Of the amount invested in the final destination of the investment, Grade A (fully recoverable) amounted to KRW 4,500 million, 1.3%, and Grade B (some recoverable) was only KRW 54,300 million, or 15.4 %, and Grade C (questioned recovery) was 2927, 83.3%. It was accounted for as billions of KRW.

The recoverable amount was estimated to be 3 to 5 billion won for Grade A, 26.2 to 33.7 billion won for Grade B, and 0 to 22.5 billion won for Grade C. Taken together, this is only 7.8% to 15.2% of the fund’s total sales balance (5146 billion won) at 40.1 billion won to 78.3 billion won. In other words, the full amount could be disbursed for 2927 billion won invested in grade C, where a significant amount of investment flowed.

For example, Optimus invested about 16 billion won in a used car dealer for the rental business, of which 14.9 billion won, the purchase of the investment contract, went to the transferor through TrustAll in November 2018. Suddenly, the following year, in May 2019, the transferee switched to Atri Paradise. However, due to the non-payment of the balance, the owner of the real estate mortgage first requested an auction. The real estate appraisal amount is 30.5 billion won, but there is no actual recoverable amount when considering the auction price and the higher amount of senior bonds. As such, it turned out that most of the bad investments were suspicious of the flow of funds.

◇ “It takes considerable time to determine the amount of damage” … Remaining procedures in the future

The Financial Supervision Service believes that it is difficult to adjust the base price of the fund immediately reflecting the results of due diligence because the relationship of the fund’s rights to the underlying asset is unclear.

The advisory body is made up of all sales companies, office managers, trust companies and accounting firms, and prepares methods for assessing the fair value of fund assets and methods for transferring funds. This tip will operate from the 18th until the funds transfer is complete.

The Financial Oversight Service said: “To maximize asset recovery in the future, a responsible entity should carry out fund management and recovery work,” and said: “We will push forward fund transfer plans through discussions voluntary among the fund’s stakeholders. ”

In addition, it said it will try to maximize asset recovery by cooperating with the prosecution’s investigation into Optimus fraud, which is currently ongoing, including for assets whose use is unknown as a result of this due diligence.

However, it appears that it will take some time to determine the amount of damage, and it will take a considerable period of time for dispute resolution. At the end of last month, the number of requests for mediation of disputes against Optimus was 265.

The Financial Supervision Service said: “Because the underlying asset’s rights relationship is unclear, it will take a considerable period of time to determine the amount of damage. “We will conduct an in-depth legal review according to the progress of the investigation and investigation, etc. We will prepare and promote it quickly.”

(Seoul = News 1)