Claim for damages of Hana New Leader Guri City Private Property Investment Trust No. 2

   Hit. 595

Hana New Leader Guri Private Real Estate Investment Trust No. 2 (hereinafter referred to as "the fund") was established in December 2006 as a real estate fund to lend money to apartment development projects in Inchang-dong, Guri-si, Gyeonggi-do. The constructor and developer of the development project in which the fund lends money to was the same entity, and because there were no guarantee from a credible contractor, asset managers should have fulfilled their duty of paying attention as good managers, and properly managed the sales revenue and secured the rights of unsold apartments to collect principal and interest.


However, asset managers neglected their duties by violating laws, terms and conditions during the fund's management process, which prevented the fund from recovering much of its loan to the development project. As a result, investors suffered significant amount of losses.


Investors in the fund have filed a lawsuit against the asset management company for damages due to negligence in fund management. The plaintiffs are 15 investors in this case, and the investment amounts to 12 billion won.