Meritz Asset CEO John Lee under FSS probe

2022.06.20 09:48:55 | 2022.06.20 11:10:40

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South Korea’s financial watchdog is investigating Meritz Asset Management CEO John Lee over allegation of investment using a borrowed-name account in violation of the capital market law.

According to multiple sources from the financial investment industry on Sunday, the Financial Supervisory Service completed irregular investigation into Meritz Asset Management from May 23 to June 7 and is scrutinizing over a fund management in peer-to-peer platforms.

Investment targets of the fund included a platform where Lee’s wife is a major shareholder. The watchdog is looking into whether Lee borrowed his wife’s name to invest in the fund as well as other irregularities.

“The FSS probe is restricted into Meritz Asset Management’s P2P platform private equity fund and no other funds of the company, “said Meritz.

“All P2P platform-invested private equity funds delivered annual returns and no investor or the company need to worry about any losses,” it ensured, saying the probe is on possible procedural mistakes.

Meritz Asset Management CEO Lee is a heavyweight in the investment community and a regular champion on the media on long-term stock investment.

By Pulse

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