[Asia Economy Reporter Yoo Byung-don] The Criminal Division 6 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Jo Sang-won), investigating the Lime Asset Management scandal, filed an arrest warrant request on the 7th against Kim Jeong-su, chairman of Lead, for embezzlement of 44 billion KRW of funds received from Lime investment, among other charges (embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes).
Mr. Kim, who comes from the entertainment industry, is one of the four key "chairmen" involved in the Lime scandal and the actual owner of Lead, a KOSDAQ-listed company. He went into hiding during the prosecution's investigation related to Lead's embezzlement case involving about 30 billion KRW of Lime funds. While wanted, he surrendered to the prosecution and was arrested the day before.
According to the prosecution, Mr. Kim is suspected of embezzling 44 billion KRW of Lead's funds in 2018.
He is also accused of providing luxury watches, luxury bags, high-end imported cars, and convertible bond purchase rights worth about 1.4 billion KRW to Lee Jong-pil, former vice president of Lime, in 2017 to receive Lime's investment, as well as giving about 74 million KRW worth of valuables to Shim Mo, former team leader at Shinhan Financial Investment.
The pre-arrest detention hearing (warrant substantive examination) for Mr. Kim will be held on the 8th at 10 a.m.
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