Optimus Asset Management is suspended by regulators

Optimus Asset Management's office in Gangnam, southern Seoul on June 23. The asset management business has been suspended amid prosecutors' investigation. [YONHAP]

Optimus Asset Management has been ordered by the Korean financial regulators to suspend business until the end of this year.

The Financial Services Commission (FSC) on Tuesday said it has decided to halt business as most of the fund's high-ranking executives and employees have left the company, and because the company is currently being investigated by the prosecutor’s office.

The FSC said it is only allowing essential work related to the protection of assets and investors. It also selected a temporary manager who will be taking on jobs of the high-ranking executives, including the CEO role.

Optimus in mid-June prevented investors from withdrawing their investments, citing losses. The company said its was deceived by service providers.

BY LEE HO-JEONG [lee.hojeong@joongang.co.kr]