Firm sued for fraudulent fund management

The People`s Solidarity for Participatory Democracy has filed a lawsuit at the Seoul District Court for damages against Hyundai Investment Trust and Management on claims that investors have incurred losses due to fraudulent management of the Buy Korea Fund.

According to the PSPD, a review of Buy Korea Renaissance No. 1 fund and Napoleon No. 1 fund showed that HITM had shifted distressed assets held by Hyundai Investment Trust to customer accounts, transferring losses to innocent investors.

"An investor of 10 million won will have incurred 270,000 won in losses from the Renaissance No. 1 fund and 600,000 in the Napoleon No. 1 fund," the PSPD said.