'KRW 44 Billion Embezzlement Charge' Kim Jeong-su, Lead Chairman, Appears for Arrest Warrant Hearing

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Byung-don] Kim Jeong-su, chairman of Lead, a KOSDAQ-listed company that received investment from Lime Asset Management, appeared at court to undergo a pre-trial detention hearing (warrant review) on charges of embezzling 44 billion KRW of Lead's funds.

Seong Bo-gi, the warrant-specialized chief judge of the Seoul Southern District Court, began Kim's pre-trial detention hearing at 10 a.m. on the 8th. The decision on detention will be made later that afternoon. Kim did not respond to reporters' questions such as "Do you admit to the embezzlement charges?" and "Did you provide money or valuables to former Vice President Lee Jong-pil as a bribe?"

Kim, who comes from the entertainment industry and is also the ex-husband of actress A, is one of the four key "chairmen" involved in the Lime scandal and the actual owner of Lead, a KOSDAQ-listed company.

Kim went into hiding during the prosecution's investigation into the embezzlement case involving approximately 30 billion KRW of Lime funds invested in Lead but surrendered to the prosecution and was arrested on the 6th.

According to the prosecution, 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 former Lime Vice President Lee Jong-pil in 2017 to secure Lime's investment, as well as giving about 74 million KRW worth of valuables to former team leader Shim of Shinhan Financial Investment.