The method is the same in every engagement.
We read the original records of the subject and its counterparties across several years.
What changes is the scope, the deliverable and the turnaround, depending on what the result is for.
Accounting irregularities, governance risk and undisclosed liabilities at acquisition, investment and joint-venture targets, verified against the original records. Run before the deal is signed, so the findings can still affect the terms.
Who actually stands behind the counterparty, and what has moved between them. Registry records, filings, shareholder composition and addresses are cross-read to establish whether companies that look unrelated on paper are in fact the same operator.
Where the money left and where it ended up, rebuilt year by year with figures. A single line in the accounts is followed through the notes and into the counterparty's books until the route is visible. This is the work that supports recovery and the amounts argued in litigation.
An evidentiary record that can be used in proceedings and regulatory filings as it stands. Every item carries the source it came from, so another person working from the same documents reaches the same conclusion. Delivered in a form counsel can pick up and use.
The Korean part of an engagement taken on by a global risk consultancy. We deliver in the instructing firm's report format and confirm before starting which fields can be populated and which will stay empty for jurisdictional reasons. The report goes out under the instructing firm's name.
Each level includes the scope of the level below.
Fees depend on the size of the subject and the complexity of the matter, so we quote on request.
| LEVEL | SCOPE | TURNAROUND | DELIVERABLE |
|---|---|---|---|
| Level 1 | Existence and registry verification, listing and audit status, sanctions and public list screening, surface Korean-language media, basic credit summary | 3–5 business days | Flag report and hit list |
| Level 2 | Full reading of the original filings, related-party and ownership mapping, litigation and regulatory history within public reach, Korean-language media and reputation | About 2 weeks | Analyst narrative report, 8–15 pp |
| Level 3 | Fund-flow reconstruction, accounting red-flag detection, no-capital acquisition and tunnelling structures, construction of an evidentiary record | 3–4 weeks | Full dossier, 15–30 pp, TRACE grading, one briefing and one written follow-up |
Domestic instructions are priced on a separate matrix by subject type and asset size.
Analysis is organized under our own framework, TRACE (Tunneling Risk Assessment for Cooperation Evidence).
Each of the five modules is graded on three tiers, and the most severe module grade becomes the overall grade.
Every report comes out in the same structure, so results can be compared and the deliverable is settled before work begins.
The route through which the transaction was actually carried out.
Total funds extracted across multiple years, quantified.
The structure classified under the academic and legal typologies.
The party the benefit finally accrues to, traced through registry and filings.
Signals raised at the external audit stage, reviewed alongside.
Set out for a Level 3 dossier.
Lower levels contain the relevant parts of the same structure.
What was found and how serious it is, on one page.
Ownership, group relationships and recent changes of control.
Each matter separated out, with the basis for it.
Year-by-year movement, totals, and where the money ended up.
The five module grades and the overall grade.
The document and page each item came from.
What could not be verified for jurisdictional reasons, and why.
What is available next, by purpose: negotiation, litigation, regulatory filing.
We confirm the purpose and the subject, then agree scope, deliverable and turnaround.
Filings, audited statements and registry records for the subject and its counterparties are obtained in the original and screened for anomalies.
Counterparty books are cross-read and records placed on one timeline. An interim report sets out progress and reasoning.
The report is delivered in the agreed form, with advice on next steps where required.
Availability is confirmed before work begins.