Military Mutual Aid Association "Reports of Involvement in Optimus Slush Fund Creation Are Groundless"

[Asia Economy Reporter Minji Lee] The Military Mutual Aid Association stated on the 29th through a press release that "the report claiming that Optimus created a slush fund of 20 billion KRW in the Military Mutual Aid Association's project is not true."

The previous day, Korea Economic Daily reported that those involved in the Optimus case had created a slush fund worth several hundred billion KRW in the Incheon Yeongheungdo Diomare Resort development project led by the Military Mutual Aid Association. It further reported that after the Optimus fund fraud caused the project to face default risk since June, the Military Mutual Aid Association reorganized the creditor group by using a subsidiary and repaid all existing creditor group debts.

In response, the Military Mutual Aid Association explained, "The project site is one where Gongwoo ENC, an independent corporation under the association, participates in electrical construction and post-construction facility management as a subcontractor, based on proposals from the financial lead manager," adding, "Gongwoo ENC only participates in part of the construction and is not in a position to lead the entire financial structure, so it is unrelated to the creation of any slush fund."

They added, "Reports claiming that they took on all debts and raised funds are not true."