2023-09-08 14:15:19
▲ Representative photo of Ha-won Jang: Yonhap News
Jang Ha-won, CEO of Discovery Asset Management, who is accused of illegally managing fund funds and making unfair profits, escaped the risk of being arrested once more following eight months.
On the 8th, Chief Judge Kim Ji-sook of the Seoul Southern District Court, in charge of warrants, interrogated the suspects before arresting CEO Jang, the former head of the investment division surnamed Kim, and the former head of the management team surnamed Kim, and said, “There appears to be room for legal dispute on some of the charges, and for some, there is a lack of sufficient explanation. He dismissed all arrest warrants requested by the prosecution, saying, “There is a need to guarantee the suspect an opportunity to defend himself.”
Chief Judge Kim said, “As related criminal cases are also in progress, it appears that considerable evidence has already been collected. It is difficult to say that there is a risk of destroying evidence or escaping, so it is difficult to say that arrest is necessary or reasonable.”
Representative Jang came out of the court and did not answer reporters’ questions, such as ‘Do you admit the charges?’ and ‘Do you have anything to say to the victim?’
According to the prosecution, CEO Jang and others are suspected of operating funds by investing in specific bonds through Discovery Investment from January 2016 to January 2019 without registering as a financial investment business.
There are also charges of making unfair profits by investing or using raised fund funds in places that were not promised in advance, and failing to properly inform investors by diverting funds from other funds when the redemption proceeds for a specific fund became insufficient.
The Financial Supervisory Service announced on the 24th of last month that additional inspection results confirmed that the Discovery Fund was blocked from turning around, and the Financial Securities Crime Joint Investigation Department of the Seoul Southern District Prosecutors’ Office has been investigating the Discovery Fund operation process even before the Financial Supervisory Service’s announcement.
Discovery offices and SH Corporation were searched and seized last July following discovering that some of the fund funds had flowed into the Seoul Housing and Communities Corporation (SH Corporation) project.
CEO Jang was arrested and indicted in July of last year on charges of selling 100 billion won worth of insolvent funds and then suspending redemption, but was acquitted in the first trial on December 30 of the same year and released.
Representative Jang is the younger brother of former Ambassador to China Jang Ha-seong, who served as the head of the Blue House policy office during the Moon Jae-in administration.
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