Announcement: September 9, 2023

Dear Members,

This is Haru Invest, Hugo Lee.

This Thursday, I appeared in court to explain my position and Haru Invest’s regarding the rehabilitation application filed by some users, and I would like to share the details in this regard.

1. Please allow me to repeat this: I and Haru Invest believe that the application for corporate rehabilitation commenced this time does not represent the interests of all members. Because I trust that the responsibility of mine and Haru Invest’s to remedy this crisis lies with recovering our members’ assets from the asset management company to the greatest extent possible and distributing the same equitably among all Haru Invest members, I have never changed this commitment.

2. At the questioning before the court on Thursday, I explained the facts about the entity that has a substantive contractual relationship with Haru members and the entity in which the assets are vested. More specifically, the corporations against which the rehabilitation case has been filed are not the entities that actually operated the Haru Invest services, and thus they do not hold a real benefit for rehabilitation for lacking any residual value, including assets.

3. During the rehabilitation questioning held in August, several members asked me if I and Haru Invest were evading their responsibilities based on the said reasons; I used this questioning as an opportunity to share the detailed facts and the future plans that I and Haru Invest are considering. The specifics are as follows:

4. The plan for asset distribution is that, apart from the recovery of assets from B&S Holdings, we have a plan to distribute assets that will be recovered from other asset management companies to our members first; however, due to the ongoing investigations against B&S Holdings and those concerning Haru Invest, it has been difficult to arbitrarily establish an asset distribution schedule. I informed the court that we plan to distribute the recovered assets preferentially to our members.

5. In response to a question regarding the recovery of assets entrusted to B&S Holdings, we answered that the situation is not allowing us to arbitrarily determine the possibility of recovery. We believe that it is of the utmost importance to recover as many assets as possible from B&S Holdings in cooperation with the investigating agencies. We believe that preventing B&S Holdings from engaging in other conduct and making it actively cooperate with the investigation is the first priority for our members. As there are some misconceptions about this matter, I would like to clarify such points.

Based on the results of the ongoing investigations and with the cooperation of the investigating agencies, we expect to be able to establish a timeline for asset distribution; hence, I will share the progress with you as soon as the plan is ready. I would like to reiterate that Haru Invest and I understand the difficulties our members are going through and that we will continue to make every effort to ensure the fair distribution of assets to all members.

Thank you.

Hugo Lee, Haru Invest

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