is a private equity fund that Hana Bank sold in 2018.
It is a product that indirectly invests in UK real estate development or new and renewable energy businesses, and received investments of over 100 billion won in all eight funds, and the redemption of these funds has ceased, leading to loss of investors.
We obtained an internal document from Hana Bank showing how poorly managed these fund products, which had a rosy outlook, in reality.
This is the exclusive report by reporter Kim Jung-woo.
In June 2018, Hana Bank and Shinhan Investment Corp. attracted an investment of KRW 38 billion in a private equity fund planned by JB Asset Management.
It is a so-called UK rooftop fund, a fund that invests in vertical extension and reconstruction projects in the UK. Investors have not been able to redeem them even now, after more than one year of maturity.
[Mr. A/UK fund subscriber: The maturity is over.
Even if they did due diligence, (the bank) said they would not be able to give the due diligence report.]
Investors couldn't properly explain what was going on, but the bank had already conducted a local due diligence, and the reporter got the report.
It was confirmed that the fund's funds had to have a senior mortgage right on the projected real estate, but it was placed in the lower ranks, and it was also confirmed that they had invested in other development projects that were not the promised extension projects.
Investment funds were not managed in a separate account, but were mixed with other funds.
[Song Tae-ho/Attorney: It wasn't where I was supposed to invest, but I've been investing in something else now. (Seeing the operation report) There is no safety device or it is very unstable.]
Poor management of investment products is also a problem, but the post explanation was not done properly.
[Mr. B/UK fund subscriber: My mother was 84 when she signed up. “Don’t worry because the sales are a bit slow, but the rate of return will increase further because delayed interest is added.”]
Investors sued Hana Bank and managers, which are sellers, to the prosecution on charges of fraud.
Hana Bank announced that it would present its position after completing the due diligence in the UK.
The Financial Supervisory Service initiated an investigation into the extent of the investment damage.
(Video coverage: Kim Hak-mo Video editing: Park Jin-hoon)