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SEOUL, November 24 (AJP) - Korea Investment & Securities will compensate investors in more than 450 cases linked to the mis-selling of a Belgian real estate fund, industry sources said Monday.
The brokerage concluded that 458 of 883 complaints constituted mis-selling, equivalent to 24.1 percent of the 1,897 total fund sales.
The fund, launched in June 2019, was designed to invest in office leases for Belgian government agencies and generate profits after a five-year holding period. Instead, surging interest rates and a sharp downturn in Europe’s real estate market left investors with losses.
Korea Investment & Securities has set a base compensation range of 30 to 60 percent, with payouts rising to as high as 80 percent for vulnerable investors. Of the confirmed cases, 232 will receive 30–35 percent and 172 will receive 40–45 percent.
KB Kookmin Bank, another seller of the fund, is also offering 40–80 percent compensation.
As of Nov. 17, the Financial Supervisory Service (FSS) had received 372 dispute cases tied to the two firms, with 90 resolved through voluntary settlements. The FSS is currently investigating three sales companies for potential mis-selling, a process that could push compensation rates even higher.
“If internal control violations related to mis-selling are confirmed, we may readjust compensation standards for all disputes, including previously settled cases,” FSS Governor Lee Chan-jin said.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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