Prosecutors Conduct Search and Seizure at Lime Asset Management and Shinhan Investment Corp. in 'Lime Fund Scandal'

[Asia Economy Reporter Park Jihwan] The prosecution investigating the Lime Asset Management redemption suspension scandal involving approximately 1.6 trillion won launched a search and seizure operation on related financial companies on the 19th.

The Criminal Division 6 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Jo Sangwon) sent prosecutors and investigators to Lime Asset Management's headquarters in Yeouido, Seoul, and Shinhan Financial Investment's headquarters at 9 a.m. that day to secure computer files and ledgers.

On the 12th, 34 investors who suffered losses due to Lime Asset Management's redemption suspension filed a complaint with the Southern District Prosecutors' Office against about 60 financial officials from Lime and sales companies on charges of fraud and violation of the Capital Markets Act. The investors claim that they were deceived by banks and securities firms, the sellers, into investing in Lime Asset Management's funds, resulting in an average loss of about 300 million won per investor.

Earlier, financial authorities had handed over evidence to the prosecution to prove embezzlement and breach of trust charges against Lime Asset Management's executives.