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A corporate body to take over the troubled funds of Lime Asset Management will be established next month, according to Yoon Suk-heun , the governor of the Financial Supervisory Service (FSS).
The said entity, dubbed a "bad bank," will liquidate Lime's assets to minimize losses for investors.
The 19 distributors of Lime's funds, including brokerages and banks, began discussions with the FSS last week to set up the entity.
Lime has amassed about 1.67 trillion won from investors, who face huge losses due to poor management of assets.
There are allegations that Lime covered up huge losses to enable it to draw more investors for its funds.
Lime's registration is expected to be revoked due to the gravity of the case.
Lee Jong-pil , the ex-chief investment officer Lime Asset, was arrested Saturday on charges of orchestrating an embezzlement scheme.
Another backer of the fund, Kim Bong-hyun, was also arrested.
Kim is accused of carrying out corporate raids while misappropriating corporate funds.
