Police Conduct Search and Seizure at Hana Bank Over 'Discovery Fund Redemption Suspension'

[Asia Economy Reporter Jeong Dong-hoon] The police conducted a search and seizure at Hana Bank, one of the distributors of the Discovery Fund, which has suspended redemptions.

According to the police on the 23rd, the Financial Crime Investigation Unit of the Seoul Metropolitan Police Agency carried out a search and seizure at the headquarters of Hana Bank in Jung-gu, Seoul, on the morning of the 22nd, securing materials related to the sale of Discovery Asset Management funds.

Hana Bank and other commercial banks sold Discovery Asset Management's fund products from 2017 to 2019. As issues such as incomplete sales and poor management by the asset management company surfaced, a suspension of redemptions involving thousands of billions of won occurred.

Discovery Asset Management was founded by Jang Ha-won, the younger brother of Ambassador Jang Ha-sung to China. Jang served as the head of Hana Financial Research Institute from 2005 to 2008 and established Discovery Asset Management in 2016.

A police official stated, "The search and seizure were conducted to secure materials related to criminal charges against the asset management company, Discovery Asset Management."