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CEO of Investment Firm That Moved Into Former Covana Office Was Head of 'Covana Partners Hong Kong'

[비즈한국] Interest has been drawn to the relationship between First Lady Kim Keon-hee and an investment firm that moved into the office formerly used by Covana Contents, which she operated, this past February. A Bizhankook investigation confirmed that the CEO of this investment firm was formerly the representative of 'Covana Partners Hong Kong.' The Acro Vista office is currently owned by Covana Contents (Related article: [Exclusive] Kim Keon-hee’s family company Covana adds real estate leasing to its business purposes).

Head of Covana Partners Hong Kong from 2011–2016... Not Mentioned in Biography

Investment Firm A, which moved into the Covana Contents office, introduces itself on its website as a "Private Equity Fund (PEF) General Partner (GP) operated by a CEO with over 20 years of financial experience in Asia, including Korea, Hong Kong, and Singapore." Regarding the career of CEO B, it states that he "worked at Korea Investment & Securities' Hong Kong and Singapore subsidiaries as a Director, Woori Investment & Securities' Hong Kong subsidiary as a Department Head, Hana Securities' Derivatives Trading Team as a Manager, and LG Securities' International Finance Team, Derivatives Trading Team, and Hong Kong subsidiary." While Investment Firm A had an office in Yeouido, Seoul, it moved this past February to the basement of Acro Vista in Seocho-gu, Seoul, where the Covana Contents office was located. The website for Investment Firm A still lists its office address in Yeouido.

However, an investigation by Bizhankook revealed circumstances suggesting that CEO B served as the representative of Covana Partners Hong Kong from 2011 to 2016. CEO B served as an auditor and outside director for LS Eco Energy229640 (formerly LS Cable & System Asia) from December 4, 2015, to March 24, 2021, and explicitly listed his role as 'Representative of Covana Partners Hong Kong' in his biography at the time of his appointment.

According to documents disclosed by LS Eco Energy, CEO B served as the representative of Covana Partners Hong Kong from 2011 to 2016 and as the CEO of Worldwide Investment from 2017 to 2018. Since 2018, he has served as the CEO of Investment Firm A. First Lady Kim Keon-hee’s Covana Contents was established in 2007.

Regarding the background of CEO B's appointment as auditor, LS Eco Energy stated, "He graduated from Seoul National University's Department of Business Administration and served as a Director at LG Securities' Hong Kong subsidiary and Korea Investment & Securities' Singapore and Hong Kong subsidiaries. He was recommended because he is an expert in the economic and financial fields with rich experience and knowledge, and is expected to contribute to the operation and development of the board of directors and the audit committee due to his excellent capabilities as an outside director and audit committee member."

The relationship between Covana Contents, which was operated by First Lady Kim Keon-hee, and Covana Partners Hong Kong has not been revealed. Bizhankook attempted to contact Investment Firm A through various channels, including phone calls and emails, to obtain an explanation regarding CEO B's biography, but no response was received.

Served as Auditor for Over 5 Years... LS Cable & System Says "Difficult to Verify"

A strange aspect is that no information can be found regarding Covana Partners Hong Kong. Neither in South Korea nor in Hong Kong could any registered or dissolved legal entity by the name of Covana Partners Hong Kong be found. Furthermore, there are no records of a company called Covana Partners Hong Kong appearing before CEO B was appointed as an auditor for LS Eco Energy. The fact that CEO B was the representative of Covana Partners Hong Kong is also not listed in his biography on the Investment Firm A website.

When inquiring with LS Cable & System, the former holding company of LS Group, about CEO B, who served as an LS Eco Energy auditor for over five years, the company stated that it could not find any biographical information on him. When asked if they did not verify his background when appointing the auditor, they replied, "The relevant personnel from that time are no longer with the company, so it is difficult to verify."

Regarding inquiries about 2015 media reports stating that LS Cable & System recommended CEO B as an auditor for LS Eco Energy, LS Cable & System stated, "It was a long time ago, and there is no one who knows the details from that time."