CEO of Discovery Asset Management is arrested Jang Ha-won, CEO of Discovery Asset Management, a troubled fund company accused of causing losses to investors of over 250 billion won, was arrested Wednesday. 2022.6.9
Troubled investment fund linked to key administration officials After the review, the operations of Discovery Asset Management were suspended for three months and CEO Jang Ha-won is prohibited from working for three months,. IBK, which sold about 30 percent of the funds, was fined 4.7 billion won. 2022.2.17
IBK advised to reimburse up to 80% of Discovery losses State-run Industrial Bank of Korea (IBK) should reimburse up to 80 percent of losses related to funds structured by Discovery Asset Management, according to a recommendation from the Financial Supervisory Service (FSS). 2021.5.25
![Jang Ha-won, CEO of Discovery Asset Management, avoids reporters’ questions as he enters the Seoul Southern District Court in Yangcheon District in Seoul Wednesday morning. The court issued an arrest warrant later that evening. [NEWS1]](https://image.koreajoongangdaily.com/11229065.jpg?imageId=11229065&width=240&height=184&format=webp&format=jpg)
![Investors of Discovery Asset Management demanding that the fund management company and the state-owned Industrial Bank of Korea refund 100 percent of their investment loss in front of the bank’s headquarters in Seoul on Wednesday. [YONHAP]](https://image.koreajoongangdaily.com/10337812.jpg?imageId=10337812&width=240&height=184&format=webp&format=jpg)
![Investors protest in front of the main branch of the Industrial Bank of Korea in Jung District, central Seoul, last year. [NEWS1]](https://image.koreajoongangdaily.com/10406230.jpg?imageId=10406230&width=240&height=184&format=webp&format=jpg)