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The Financial Supervisory Service (FSS) is investigating Meritz Asset Management CEO John Lee over the allegation that he invested in a fund using a borrowed-name account.
The FSS inspected Meritz Asset Management from May 23 to June 7 to detect violations of the investment-related regulations.
The financial watchdog put under the microscope the details of the management and investment portfolio of a private equity fund related to a peer-to-peer finance (P2P) platform established by Meritz Asset Management. The investment portfolio included products of a company where John Lee’s spouse is a major shareholder.
The FSS is examining whether Lee violated the Capital Market Act in the process of managing P2P private equity fund, particularly whether Lee borrowed his wife’s name to invest in the fund.
Meritz Asset Management clarified its position that the FSS investigation is related to the P2P platform private equity fund and does not relate to other funds managed by the company. It explained that the allegation that CEO Lee used his spouse’s name has been sufficiently explained without leaving any doubts.
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