Gyeonggi Province's "Deficient Fund" Investments Result in 1.7 Billion Won Loss

Losses from various funds established by Gyeonggi Province to invest in companies with strong growth potential continue to accumulate like a snowball.

On the 13th, Song Young-joo, a member of the Gyeonggi Provincial Metropolitan Assembly (Democratic Labor Party, proportional representation), pointed out that "a total loss of 1.7 billion won has been recorded in five funds established by the province from 2002 to this year, including the Guangdong Fund, Structural Adjustment Fund, Gyeonggi-Chungcheongnam Mutual Growth Fund No. 1 and 2, and the Startup Incubation Fund."

According to Member Song, the province has currently invested a total of 47 billion won in various funds, and as of September, recorded losses of 1.4 billion won from the Guangdong Fund, 280 million won from the Gyeonggi-Chungcheongnam Mutual Growth Fund, and 2 million won from the Structural Adjustment Fund.

Member Song stated, "In particular, the Structural Adjustment Fund, which acquires and operates management rights of small and medium-sized venture enterprises whose investment targets are under court receivership, under workout, or in a state of capital impairment, totals 30 billion won, and given such scale, the risk of losses is proportionally great, so measures must be prepared."