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miraeassetdaewoo.com

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Investments

12

Portfolio Exits

1

Partners & Customers

3

About Mirae Asset Daewoo

Mirae Asset Daewoo (KRX: 006800) provides a wide range of financial services including global brokerage, investment banking, trading, PBS, principal investment and wealth management business.

Mirae Asset Daewoo Headquarter Location

Mirae Asset CENTER1 Bldg, East Tower 26, Eulji ro 5 gil, Jung-gu

Seoul,

South Korea

+82 1588-6800

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Latest Mirae Asset Daewoo News

Brokerage awarded S$6.9M claim against ex-honestbee CEO for not receiving paid shares

Jul 2, 2021

0 A South Korean brokerage has won a US$5.1 million (S$6.9 million) summary judgement against former honestbee chief Joel Sng, according to a High Court grounds of decision released on Thursday. This was over shares in the grocery delivery start-up that the brokerage said were paid but never received. Joel is appealing against the ruling. Joel had defended and said he did not sign the purchase agreements for those shares, and that it was his honestbee successor Brian Koo – honestbee’s key investor and a scion of the LG family – who failed to transfer the shares. He said that it was Brian who told him to ignore the emails from the hedge fund. Joel also claimed that because the shares of the insolvent firm are now worthless, the hedge fund is taking legal action against him in order to improve its position in honestbee’s insolvency by seeking full recovery of its investment. Image Credit: Forbes According to Joel – who was honestbee’s chief executive from 2014 to 2019 – the claim amount to be recovered would be “inequitable and unjust” as he had put the sum into funding the operations of honestbee. Shareholder stake of US$5.1 million The brokerage Mirae Asset Daewoo is the trustee of an entity called DS Sng Hedge Fund that wanted to be an honestbee shareholder. Mirae Asset had sued Joel last year for failing to deliver the honestbee shares, after the brokerage paid US$5.1 million for some of his shares in the grocery delivery startup. A summary judgement application was filed against Joel – which involves moving to a court decision without a full trial. The Assistant Registrar had initially dismissed the summary judgement application, but the brokerage appealed against that. In the grounds of decision documents released, Justice Lai Siu Chiu reversed the decision and found that Joel had not raised any issues that warranted a trial. Justice Lai also flagged several discrepancies in Joel’s defence arguments. Image Credit: DealStreetAsia According to an agreement in July 2018, Mirae Asset – on behalf of the hedge fund – had agreed to purchase 65,117 shares in honestbee from Joel for US$3.2 million. In another agreement dated August 2018, another 21,748 shares was agreed to be purchased for US$1.9 million. Justice Lai noted that Joel had admitted to receiving the payments. However, Mirae Asset said Joel failed to deliver the stock certificates by the agreed dates and did not take all necessary action to transfer the shares it had purchased from him. The brokerage received a share certificate subsequently in December 2018, but the certificate was insufficient to transfer the shares to Mirae Asset, as the brokerage was not registered as a shareholder with the Accounting and Corporate Regulatory Authority of Singapore (Acra). Ex-honestbee chief appeals against the ruling Joel disclosed in one of his affidavits that he had used S$3.6 million of the US$5.1 million sum in October 2018 to redeem the mortgage for his property at 34, Jalan Jintan. Joel claimed he did the redemption in order to re-mortgage his property to ValueMax for a loan of S$4 million to advance to honestbee. No evidence was provided for this. Habitat by honestbee is no longer in operations / Image Credit: Eatbook Justice Lai also cast doubts over the authenticity of the share certificate. The certificate stated that Mirae Asset held over 86,000 preference shares. However, a check on Acra records in 2020 showed that honestbee had only issued over 13,000 preference shares. “I find therefore that the share certificate was in all likelihood fabricated,” Justice Lai said in her grounds of decision. Joel had also claimed to have lent honestbee some S$6.9 million, but one of his affidavits showed that the company had repaid him S$4 million in 2018. Justice Lai said: “In the euphoria created by honestbee’s rapid and successful expansion in its early days, (Joel) and perhaps Mr Koo (Brian) as well held an overly optimistic and, dare I say, unrealistic view of the company’s prospects and its valuation.” Justice Lai added that it might be the reverse situation on Joel’s claim that Mirae Asset was merely trying to improve its position in the insolvency proceedings. “Because honestbee (before its liquidation) was not or never worth US$330 million or anywhere near that valuation, (Joel’s) dreams of perhaps becoming a Jack Ma (of e-commerce giant Alibaba) never came to fruition,” she wrote. “Having expended the claim amount and realised his shares in honestbee are now worthless, (Joel) decided to dispute liability under the share purchase agreements and conjured up unmeritorious defences to the plaintiff’s claim.” From 1 July 2021, Vulcan Post’s premium articles will be hidden behind a paywall. Subscribers will be able to enjoy exclusive articles with a deeper level of coverage and insight on verticals that include government technology, electric vehicles, cryptocurrency and e-commerce. You can check out our premium articles here and subscribe to us here . Featured Image Credit: Mothership VP Label puts together all the best local products for you to discover in one place. Join us in supporting homegrown Singaporean brands:

Mirae Asset Daewoo Investments

12 Investments

Mirae Asset Daewoo has made 12 investments. Their latest investment was in IGAWorks as part of their Series E on March 3, 2020.

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Mirae Asset Daewoo Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

3/31/2020

Series E

IGAWorks

$12.21M

Yes

Atinum Investment, KB Securities, and Korea Investment Partners

3

12/13/2019

Corporate Minority

NAVER Financial

$683M

Yes

Mirae Asset Capital, Mirae Asset Fund Services, and Mirae Asset Life Insurance

13

11/18/2019

Private Equity

CGI Holdings

$286M

Yes

MBK Partners

5

8/22/2019

Series B

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$99M

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10

8/14/2019

Series B

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$99M

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10

Date

3/31/2020

12/13/2019

11/18/2019

8/22/2019

8/14/2019

Round

Series E

Corporate Minority

Private Equity

Series B

Series B

Company

IGAWorks

NAVER Financial

CGI Holdings

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Amount

$12.21M

$683M

$286M

$99M

$99M

New?

Yes

Yes

Yes

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Co-Investors

Atinum Investment, KB Securities, and Korea Investment Partners

Mirae Asset Capital, Mirae Asset Fund Services, and Mirae Asset Life Insurance

MBK Partners

Sources

3

13

5

10

10

Mirae Asset Daewoo Portfolio Exits

1 Portfolio Exit

Mirae Asset Daewoo has 1 portfolio exit. Their latest portfolio exit was Asiana Airlines on November 16, 2020.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

11/16/2020

Acq - Pending

$991

8

Date

11/16/2020

Exit

Acq - Pending

Companies

Valuation

$991

Acquirer

Sources

8

Mirae Asset Daewoo Acquisitions

1 Acquisition

Mirae Asset Daewoo acquired 1 company. Their latest acquisition was Asiana Airlines on December 27, 2019.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

12/27/2019

Corporate Majority - P2P

$991

Corporate Majority - P2P

9

Date

12/27/2019

Investment Stage

Corporate Majority - P2P

Companies

Valuation

$991

Total Funding

Note

Corporate Majority - P2P

Sources

9

Mirae Asset Daewoo Partners & Customers

3 Partners and customers

Mirae Asset Daewoo has 3 strategic partners and customers. Mirae Asset Daewoo recently partnered with KIS Pricing, and AcadiaSoft on March 3, 2021.

Date

Type

Business Partner

Country

News Snippet

Sources

3/9/2021

Partner

KIS Pricing, and AcadiaSoft

South Korea, and United States

AcadiaSoft, KIS Pricing and Mirae Asset Daewoo join forces on UMR solutions - AcadiaSoft

`` Our recent partnership with AcadiaSoft , Inc. has enabled us to offer our clients access to their industry-leading collateral management tools , and we are delighted to support Mirae Asset Daewoo on their work in this area as the deadline for UMR fast approaches . ''

1

6/28/2017

Partner

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10

4/6/2017

Partner

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10

Date

3/9/2021

6/28/2017

4/6/2017

Type

Partner

Partner

Partner

Business Partner

KIS Pricing, and AcadiaSoft

Country

South Korea, and United States

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News Snippet

AcadiaSoft, KIS Pricing and Mirae Asset Daewoo join forces on UMR solutions - AcadiaSoft

`` Our recent partnership with AcadiaSoft , Inc. has enabled us to offer our clients access to their industry-leading collateral management tools , and we are delighted to support Mirae Asset Daewoo on their work in this area as the deadline for UMR fast approaches . ''

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Sources

1

10

10

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