Chapter 13. The Premus Incident (2)

Executive Vice President Yang Jung-wook looked as if he had been momentarily at a loss for words. He probably never expected that his own words would be thrown back at him.

Senior Dong-ho, who had been watching the situation, quickly bowed.

"I'm sorry, Executive Vice President! It's all my fault for not providing proper training. Please forgive us this one time."

Then, he deliberately shouted at me as if scolding me.

"What are you doing? Apologize to the Executive Vice President right now!"

"No, you only apologize when you've done something wrong."

"Hey, Han Mi-reu! Why are you acting like this?"

"It's okay, senior."

The other employees, including Manager Yoon Young-cheol, looked at me as if I were a madman, and Executive Vice President Yang Jung-wook ground his teeth.

"Even experts say there are no problems. What evidence do you have that the Premus Fund is in trouble?"

I looked at him and said,

"Questioning the decisions made by an authoritative leader is often seen as a challenge to their authority. Only those who don't question speak up, while those who do remain silent. Eventually, all doubts disappear, leaving only positive outlooks. That's why, even as the fund's problems grew like a snowball, no one even suggested an audit."

This wasn't something I came up with; it was what a journalist later wrote in an analysis of the Premus incident.

As a result, over 3 trillion won was lost!

The shock was so great that dozens of companies that had invested in Premus had to write off their investments entirely in that quarter, causing the stock market to plummet.

"Even when meat is displayed for sale in a supermarket, it goes through quality checks. Is it reasonable that a fund worth hundreds of billions of won was sold without ever checking the assets?"

"Can you take responsibility for what you've said? What will you do if there are no problems?"

"Then I'll take responsibility and resign."

Executive Vice President Yang Jung-wook didn't hide his anger.

"Do you think you can get away with just resigning after spreading false information and intentionally causing a fund run?"

"False information?"

He was angry about the facts I had exposed, but the one who should really be angry was me.

I had written the fund recommendation report without knowing anything and became an accomplice in this fraud. Even if I were to accept that, Senior Dong-ho, who had inhaled toxic gas and developed lung disease, would have to live with the aftereffects for the rest of his life without proper compensation.

Even now, when I close my eyes, I remember those times.

The investors who lost all their savings, the employees and their families who died in the fire, and the employees who suddenly lost their jobs.

Yet, he took no responsibility for any of it.

I shouted at him,

"If I'm right, how will you take responsibility?"

Everyone was shocked by my actions.

A new employee shouting at an executive vice president!

In the financial industry, it's easy to become numb to numbers. But each of those numbers represents money that is as important as life to someone.

Because of this incident, countless families were destroyed, and over twenty people took their own lives.

A murderer with a knife might kill a few people, but a fraudster can kill many more.

This is why financial crimes are so terrifying.

After a moment, Executive Vice President Yang Jung-wook, who had regained his composure, glared at me and said,

"What? You? Are you crazy?"

Just because he was an executive vice president and the chairman's son doesn't mean I deserve to be insulted.

"I'm not crazy. And watch your words."

"What?"

"I have a DA Securities account."

"So what?"

"If I quit, I'll be a customer of DA Securities. Do you know any executives who call their precious customers 'this guy' or 'that guy'?"

"..."

Executive Vice President Yang Jung-wook's eyes widened, and Manager Yoon Young-cheol's mouth dropped open. The other employees had similar expressions.

"This guy, words won't work with him."

"If words don't work, what will?"

"The company's legal team will file a lawsuit for damages, and we'll also file a criminal complaint for spreading false information and obstructing business. I'll make sure you regret it."

I smirked.

"Do as you please."

"Do you think you'll still be able to work in Yoido after this?"

Rumors in the industry spread faster than light. In the financial sector, which is highly sensitive to information, this incident would spread throughout Yoido before I even left the company.

No company would hire a new employee who had exposed damaging information about the company and confronted the chairman's son of DA Financial Group.

It would be impossible for me to find a job in the financial sector in the future. In fact, it would be difficult to find a job in any other company.

"Even if I don't plan to work, it sounds like Yoido is all yours, Executive Vice President."

"This guy is really..."

I said, irritated,

"Shit, who are you calling 'this guy' all the time?"

"What? Shit?"

Executive Vice President Yang Jung-wook, seemingly about to explode, reached out and grabbed my collar. This must be his true nature.

I was about to do the same when a man burst in.

"Executive Vice President, something terrible has happened!"

Executive Vice President Yang Jung-wook snapped,

"Park Director! Can't you see I'm talking?"

"I'm sorry, but you need to know this right away..."

"What is it?"

"Articles are continuously being posted, and the situation is serious. The Financial Services Commission and the prosecution have also launched an investigation."

"..."

The hand that had grabbed my collar loosened.

I took out my smartphone and checked the news.

[(Exclusive) Suspicious Activities Detected in Premus Fund Transactions!]

[(Breaking) Some of the Bonds Held Are Actually Unissued!]

[Is Premus Fund, the Ambitious Project of DA Financial Group's Heir, a Fraud?]

[Investors in Panic Over Fund Losses! What About Executive Vice President Yang Jung-wook's Responsibility?]

[Financial Services Commission and Prosecution Announce Joint Investigation!]

After I posted the report, articles did come out, but DA Securities quickly removed the report and requested a correction, which seemed to calm the situation.

If things had continued like that, it might have ended as a minor incident. However, follow-up articles suddenly flooded in, fanning the dying embers.

The content of the articles was not just raising suspicions. They also focused on the relationship between Premus and Executive Vice President Yang Jung-wook, highlighting his responsibility.

Everyone was stunned as they read the real-time updates. With the authorities involved, it would no longer be possible to cover it up.

Executive Vice President Yang Jung-wook glared at me with a murderous look.

"Is this your doing?"

I shrugged.

"Of course not. What power do I, a mere employee, have to move the Financial Services Commission and the prosecution?"

But it would be different for someone at the level of Executive Director Yang.

"And what are you worried about? If the AAA bonds held by the Premus Fund are disclosed, there will be no problem. By the way, can you reach President Park Tae-il?"

"What do you mean?"

"He might be packing his bags and running away right now."

At this point, it must have become clear that there was no way to stop it.

In the previous cycle, when the investigation began, he took the remaining money from the fund and fled abroad. What will he do this time?

"What nonsense?"

I clicked my tongue.

Surprisingly, Executive Vice President Yang Jung-wook still firmly believed in President Park Tae-il. That's why he didn't realize the situation until it was too late.

Park Director, carefully watching Executive Vice President Yang Jung-wook's reaction, said cautiously,

"Actually, I haven't been able to reach President Park Tae-il since earlier."

At this, Executive Vice President Yang Jung-wook shouted,

"But I was talking to him just a moment ago!"

"Oh, yes. But when I tried to check on the situation again, his phone was off. When I called the company, they said he left in a hurry. The employees don't know where he is..."

Senior Dong-ho, who had been checking the news, shouted as if it were a live broadcast,

"Hey! They say President Park Tae-il has taken the money and run!"

"What, what? Is that true?"

In place of the shocked Executive Vice President Yang Jung-wook, Manager Woo Baek-hyun said,

"Turn on the TV right away."

Since the research department's job is to gather information, a large TV was installed. Someone turned on the TV, and news about the Premus Fund appeared.

A reporter standing in front of a residential complex in Gangnam said,

"This is where the CEO of Premus Asset Management lives. According to the building's security guard, about an hour ago, President Park Tae-il loaded three suitcases into a car and left in a hurry. His phone is currently off..."

The CCTV footage shown on the news captured President Park Tae-il hurriedly picking up bundles of money that had spilled out of his suitcase.

Everyone watched the news in stunned silence.

I recalled the time when the Premus incident first broke.

I had the same expression when I saw the news, thinking it was a false report and that the truth would soon be revealed.

After a long silence, Senior Dong-ho spoke up.

"Since President Park Tae-il has run away like that, doesn't it mean that Mi-reu was right?"

Manager Yoon Young-cheol stammered,

"T-Then you should have reported it earlier."

I said to the manager,

"Don't you remember scolding me for speaking out when I submitted the report?"

"N-No. That was just an unreasonable story..."

"But that unreasonable story is actually happening."

"..."

Executive Vice President Yang Jung-wook still looked like he couldn't believe it.

I looked him straight in the eye and said,

"Why didn't you investigate it thoroughly before selling it, Mr. Yang?"

Previously, he had taken no responsibility for his mistakes.

But this time, it would be different.

He couldn't avoid responsibility by claiming he didn't know. Ignorance is a crime when you're in such a high position.

* * *

[Premus Asset Management: Long-Term Organized Embezzlement and Misappropriation]

[Fund Rolling Over Suspicions Confirmed]

[Worst Fund Fraud! Did DA Securities Know in Advance?]

[Personal Relationship Between DA Securities Executive Vice President Yang Jung-wook and Premus President Park Tae-il...]

[No Audit of Held Assets in the Last Three Years]

[Disaster Caused by Lack of Regulation in Private Funds! What Did the Sellers and Regulators Do?]

[(Breaking) President Park Tae-il Arrested at Incheon Airport!]

The true nature of Premus Asset Management, which had been thoroughly hidden for years, was exposed by a DA Securities employee.

As evidence poured in and the authorities launched an investigation, President Park Tae-il went into hiding.

Fortunately, the prosecution immediately placed a travel ban on President Park Tae-il and related individuals. Unaware of this, President Park Tae-il appeared at Incheon Airport with several suitcases and was arrested by the police lying in wait.

The Seoul Central District Prosecutors' Office conducted a raid on Premus Asset Management, and the Financial Services Commission began a review of the fund with investors and bondholders.

The results were shocking.