[비즈한국] As the investigation into the special counsel team for Kim Keon-hee continues, law enforcement authorities are focusing on the identity of Innovest Korea. Innovest Korea is an investment firm suspected of being under the actual ownership of Kim Ye-seong, a 'butler' to First Lady Kim Keon-hee. The company invested in IMS Mobility in 2022 to secure a stake and sold it in 2023.
The entity that acquired the IMS Mobility stake from Innovest Korea is the ‘Oasis No. 3 JD New Technology Investment Association (Oasis Fund)’ created by Oasis Equity Partners. Kakao Mobility, HS Hyosung483860, Kiwoom Securities039490, Korea Securities Finance Corp, and Shinhan Bank invested in the Oasis Fund.
Allegations have emerged that the Oasis Fund’s investment in IMS Mobility was intended to support Kim Ye-seong. This is because 4.6 billion KRW out of the 18.4 billion KRW investment was used to acquire the IMS Mobility stake held by Innovest Korea. Suspicions are mounting that Innovest Korea is a front company for Kim Ye-seong, with his wife, surnamed Jung, serving as the sole internal director.
Because Innovest Korea is not subject to audit, it is difficult to grasp its exact shareholding structure. At the time of its establishment, the major shareholder was known to be Yoon Jae-hyun, CEO of Chamson Food. CEO Yoon is reportedly an acquaintance of Kim Ye-seong. The special counsel team for Kim Keon-hee summoned and questioned CEO Yoon Jae-hyun on July 22.
According to the corporate registry, Innovest Korea was established in August 2022. The business objectives registered for Innovest Korea include: investment consulting, asset management, real estate and facility leasing/rental, investment advisory, discretionary investment, investment trading, investment brokerage, collective investment business, and related activities permitted under law. Most of these are related to investment. However, there are no notable investment records other than the 2022 investment in IMS Mobility.
While some media outlets reported that Yoon Jae-hyun served as the CEO of Innovest Korea, this could not be verified in the corporate registry. At the time of the company’s inception, a certain individual surnamed Kim served as the sole internal director, while Kim Ye-seong’s wife, Jung, served as the auditor. Subsequently, Mr. Kim resigned as an internal director in May 2024, and Kim Ye-seong’s wife, Jung, was appointed as the new internal director.
Jung remains the sole internal director of Innovest Korea and effectively functions as the CEO. During the recent special counsel investigation, Jung stated that her husband, Kim Ye-seong, was responsible for the actual management of Innovest Korea.
At the time of its establishment, Innovest Korea was based in a shared office in Jeju City, Jeju Special Self-Governing Province. It later moved to an apartment in Seogwipo in May 2024. May 2024 was when Jung took office as the new internal director, and the registered address was the same as the apartment where Jung resides. In other words, Innovest Korea has effectively been operating without a proper office.
Innovest Korea moved its office again to a shared office in Gangnam-gu, Seoul, in May of this year. May of this year coincides with when suspicions regarding Innovest Korea and IMS Mobility were raised. This has fueled speculation that Innovest Korea moved its office with the prosecution’s investigation in mind.
Coincidentally, the shared office in Gangnam-gu where Innovest Korea is located is the same place previously used by Intervalley. Intervalley, a real estate development and investment consulting firm established in 2010, was used by First Lady Kim Keon-hee’s mother, surnamed Choi, to forge bank balance certificates during past land acquisitions. Intervalley was liquidated in 2019.
BizHankook visited the shared office in Gangnam-gu, the address of Innovest Korea, on July 24, but could not meet with any company officials. A staff member at the shared office stated, "It is true that Innovest Korea is a tenant," adding, "It is difficult to disclose detailed information about our tenants."
Although Innovest Korea secured 4.6 billion KRW by selling its stake in IMS Mobility, the whereabouts of the money remain unknown. It is reported that during the recent special counsel investigation, Jung stated that the 4.6 billion KRW was disposed of by Kim Ye-seong, and she was unaware of the details.