KDB puts its 'Assassin(s)' film investment on the fund manager it backs

Adding up the four figures in Joo's documents gives 30.65 billion won ^[12]. Only 2.4 billion won of that, about 7.8%, went into the film itself. The other 28.25 billion won, about 92%, bought into Hive Media Corp., the company that made it ^[13]. The producer stakes are roughly 12 times the film stakes ^[14].

By bank, IBK's side comes to 16.25 billion won and KDB's to 14.4 billion won ^[15], though the split by who made each decision is the more useful one. IBK put its 2 billion won in directly after its own review ^[9][2], and said "The allegation that the investment was decided at an outside request or through an abnormal process is not true" ^[3]. It is the only sum a bank says it chose itself, about 6.5% of the total. The remaining 28.65 billion won, about 93.5%, went through funds ^[16].

KDB's defense is that it supplied the capital and the manager picked the deal ^[4]. "Decision-making and follow-up management on individual investments by a fund are the exclusive responsibility of the asset manager," KDB said, according to Seoul Economic Daily's translation, adding that "KDB cannot take part in the investment process" ^[5][6]. By arguing this way, KDB also gives up any claim to have vetted what its money bought. IBK's statement, as both outlets report it, concerns its direct stake. The fund-manager argument is the one that would have to cover the 14.25 billion won the IBK-backed fund put into Hive Media ^[10].

The record supports three readings. Joo's request could end without an inquiry, leaving the two statements as the account ^[8]. An inquiry could ask for the fund documents, which would move the questions to Company S, the manager Seoul Economic Daily names for KDB's fund ^[7], and to whoever runs the IBK-backed fund. Or scrutiny could narrow to IBK's 2 billion won, the one sum backed by a bank's own review file ^[2].

I'd expect the second, because the producer stakes hold 28.25 billion won ^[13]. KDB's defense holds for its 400 million won and its 14 billion won as long as the fund terms say what KDB says they do ^[9][10]. Documents showing the bank suggested Hive Media or the film to its manager, or a fund set up with this target already named, would break it ^[4]. Neither bank disclosed the funds' sizes, its share of their capital, or the terms setting out what it could direct.