Discovery Asset Management CEO, Jang Ha-won, who has been accused of illegal operation of funds and charging excessive profits, managed to evade arrest once again after 8 months. On the 8th, Chief Judge Kim Ji-sook of Seoul South District Court, responsible for the warrants, questioned the suspects, including CEO Jang, former head of the investment department Kim Mo, and ex-manager Kim Mo, before deciding not to grant the arrest warrants. The judge emphasized the need to provide the suspect with an opportunity to defend himself and noted that significant evidence has already been collected in the ongoing criminal case.
Once the court session ended, CEO Jang left without responding to reporters’ inquiries regarding the charges or any statements to the victims. The prosecution has accused Jang and others of running funds through Discovery Investment without registering as a financial investment business between January 2016 and January 2019. Additionally, they are alleged to have generated excessive profits and misused raised funds without prior authorization. There are further accusations of failing to inform investors properly when redemption money for a fund fell short, by using funds from other sources.
Last month, the Financial Supervisory Service revealed that the Discovery Fund had been suspended following an additional investigation, while the Financial Securities Crimes Joint Investigation Department of the South Seoul Prosecutor’s Office had been examining the implementation process of the Discovery Fund prior to the publication by the Financial Supervision Service. In July, an office belonging to Discovery and SH Corporation was searched and seized when it was discovered that some of the fund’s funds had been diverted to the business of Seoul Housing and Communities Corporation (SH Corporation).
CEO Jang had already been arrested in July last year for selling insolvent funds worth 100 billion and subsequently blocking redemptions. It is worth noting that Representative Jang is the younger brother of former Chinese Ambassador Jang Ha-seong, who served as the Blue House policy chief during the Moon Jae-in administration.
▲ Jang Ha-won Representative Photo: Yonhap News
Jang Ha-won, the CEO of Discovery Asset Management, who is accused of operating funds of funds illegally and charging excessive profits, escaped the danger of being arrested again after 8 months.
On the 8th, Seoul South District Court Chief Judge Kim Ji-sook in charge of warrants interrogated the suspects before arresting CEO Jang, former head of the investment department Kim Mo, and ex- manager Kim Mo. It is necessary to guarantee the suspect an opportunity to defend himself,” and to refuse all arrest warrants requested by the prosecution.
Deputy Judge Kim said, “It seems that quite a lot of evidence has already been collected as the related criminal case is also underway.”
Representative Jang came out of the courtroom and did not answer the reporters’ questions such as ‘Do you admit the charges’ or ‘Do you have anything to say to the victim?’
According to the prosecution, CEO Jang and others are accused of operating funds while investing in certain bonds through Discovery Investment without registering as a financial investment business between January 2016 and January 2019.
There are also accusations of raising excessive profits in the process of investing or using money raised in places that were not promised in advance, and accusations of not informing investors properly by returning money from other funds when the redemption money for a fund came specific is insufficient.
The Financial Supervisory Service announced on the 24th of last month that it had confirmed that the Discovery Fund had been blocked as a result of an additional investigation, and the Financial Securities Crimes Joint Investigation Department of the South Seoul Prosecutor’s Office had been investigating the implementation process of the Discovery Fund even before the publication of the Financial Supervision Service.
In July, Discovery and SH Corporation’s office was seized and searched after it was discovered that some of the fund’s funds had flowed into the business of Seoul Housing and Communities Corporation (SH Corporation).
CEO Jang was arrested and charged in July last year for selling 100 billion worth of insolvent funds and then preventing redemptions.
Representative Jang is the younger brother of former Chinese Ambassador Jang Ha-seong, who served as the Blue House policy chief during the Moon Jae-in administration.
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