Chairman Kim Jeong-su of Lead Arrested on Charges of Embezzling 44 Billion Won

Court: "Risk of Evidence Destruction... Past Instances of Escape Also Exist"

[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 (hereafter Lime), has been arrested on charges of embezzling funds from Lead.

On the 9th, Judge Sung Bo-gi, in charge of warrants at the Seoul Southern District Court, issued an arrest warrant for Chairman Kim, stating that "he has previously fled and there is a risk of evidence destruction," following the prosecution's request.

Kim, who comes from the entertainment industry and is also the ex-husband of actress A, disappeared during the prosecution's investigation into Lead's embezzlement case but surrendered to the prosecution and was arrested on the 6th.

Kim, the actual owner of the KOSDAQ-listed company Lead and one of the four key 'chairmen' involved in the Lime scandal, is accused of embezzling 44 billion KRW from Lead in 2018 (embezzlement under the Special Act).

He is also charged with providing bribes worth approximately 1.4 billion KRW to Lee Jong-pil, former vice president of Lime, in 2017 to secure Lime's investment, as well as giving bribes worth about 74 million KRW to Shim, former team leader at Shinhan Financial Investment.