Optimus Victims Meet with Jung Young-chae, NH Securities CEO... Temporary Board Meeting Scheduled for 27th

Victims of the Optimus Fund NH Investment & Securities held a protest rally on the 20th of last month in front of the National Agricultural Cooperative Federation in Jung-gu, Seoul, demanding compensation for damages caused by the Optimus Fund. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Kum Bo-ryeong] Investors affected by the Optimus fund met with Jung Young-chae, CEO of NH Investment & Securities, to urge prompt compensation.

According to the financial investment industry on the 6th, the Emergency Countermeasures Committee for Optimus Fund Victims held a meeting with Jung Young-chae, CEO of NH Investment & Securities, at the NH Investment & Securities headquarters in Yeouido, Seoul, from 10 a.m. to 12:40 p.m. It is reported that seven NH Investment & Securities executives, including Jung, Lim Gye-hyun, Head of the Management Strategy Headquarters, and Kim Kyung-ho, Head of the WM Business Division, as well as eight representatives of the Optimus fund victims, attended the meeting.

The main focus of the meeting was on advance support measures for victims facing urgent liquidity needs. They demanded support at least equivalent to that provided by Korea Investment & Securities, which announced a 70% advance payment.

However, the Emergency Countermeasures Committee for Optimus Fund Victims explained, "We inquired about advance relief measures for victims requiring liquidity support, but we did not receive specific answers from CEO Jung regarding the payment rate or payment schedule."

NH Investment & Securities emphasized, "Based on understanding the customers' position, we will find solutions to supply liquidity as soon as possible," and added, "We will continuously communicate by holding meetings with the board of directors."

The temporary board meeting of NH Investment & Securities is scheduled for the 27th, but if a solution is found earlier, the temporary board meeting will be convened beforehand to present the agenda.

Meanwhile, some in the financial investment industry argue that legal responsibility should also be imposed on custodians and the Korea Securities Depository. Until now, the Depository has claimed that it has no obligation to inspect fund assets. However, Article 4-96 (Calculation Work) of the Financial Investment Association’s regulations on "Business and Operations of Financial Investment Companies" states, "General administrative managers must compare the trust company’s and securities holdings monthly to check for abnormalities and keep supporting documents."