All Hana Bank Employees Deny Charges in Leading Sales of 'I Health Fund'

[Asia Economy Reporter Hwang Seoyul] A former Hana Bank employee who led the sales of the private fund 'Italia Healthcare Fund,' which caused a large-scale redemption suspension incident, denied all charges at the first trial.

On the morning of the 8th, the 13th Criminal Division of the Seoul Southern District Court (Presiding Judge Lee Sangju) held the first hearing for Shin, a former Hana Bank employee accused of bribery and other charges under the Act on the Aggravated Punishment of Specific Economic Crimes (Specific Economic Crimes Act). On this day, Shin's side stated that they deny all the charges. Also present in the courtroom was A, an employee of a UK consulting firm who was indicted without detention on charges of mediation under the Specific Economic Crimes Act for providing money and goods to Shin.

Shin worked in Hana Bank's Investment Products Department from October 2017 to September 2019 and led the sales of the Italia Healthcare Fund amounting to about 152.8 billion KRW. However, repayments were postponed from the end of 2019, and redemptions were suspended the following year. During this process, Shin is also accused of failing to properly inform investors of the risk of losses.

Shin is also charged with receiving money and goods worth about 100 million KRW in two installments in April and July 2019 as a bribe in exchange for allowing Hana Bank to sell Fund B, which is sold by A's company. A is charged with providing money and goods to Shin as a bribe.

A's side admitted that the payment of over 50 million KRW in April was a bribe but claimed that the approximately 40 million KRW paid in July was a payment of contract fees.

Shin's side stated, "Since Shin was detained, the defense counsel was appointed late and has barely reviewed the evidence records," and said that specific opinions on each charge will be presented at the next trial date.

The next hearing is scheduled to be held at 11 a.m. on the 3rd of next month.