On the 6th Kim Bong-hyun, followed by Won Jong-jun Lime CEO on the 17th, and Star Mobility CFO on the 20th apply
Interrogations lined up next month, low likelihood of approval... Court cites "risk of flight and evidence destruction"
[Asia Economy Reporter Yoo Byung-don] Following former Star Mobility Chairman Kim Bong-hyun, it has been confirmed that Lime CEO Won Jong-jun and Star Mobility CFO Kim also filed bail applications with the court. Since former Chairman Kim’s bail application on the 6th, related parties in the Lime case have been consecutively applying for bail.
Won, who is on trial for violating the Act on the Aggravated Punishment of Specific Crimes (fraud) and the Capital Markets Act at the Seoul Southern District Court Criminal Division 12 (Presiding Judge Oh Sang-yong), applied for bail on the 17th. The hearing for Won’s bail application is scheduled for the morning of the 14th of next month.
Won was arrested and indicted on charges of selling approximately 200 billion KRW worth of Lime trade finance funds by deceiving investors into believing that the funds would be directly invested in overseas trade funds, while failing to disclose that there were defaults in the overseas trade funds invested by the Lime trade finance fund and intending to use the redemption funds from existing funds.
The court issued an arrest warrant for Won in July, citing concerns about flight risk and evidence tampering. Therefore, it is analyzed that the likelihood of the court granting Won’s bail application is low.
Additionally, Kim, a close aide to former Chairman Kim and currently on trial for violating the Act on the Aggravated Punishment of Specific Crimes (embezzlement, etc.) at the Seoul Southern District Court Criminal Division 13 (Presiding Judge Shin Hyuk-jae), reportedly filed a bail application with the court on the 20th.
Meanwhile, former Chairman Kim also filed a bail application on the grounds that “active victim recovery and exercise of defense rights” were necessary. The hearing for this was originally scheduled for the 27th but was postponed to the 2nd of next month due to the recent impact of the novel coronavirus (COVID-19).
Star Mobility CFO Kim will also attend the bail hearing alongside former Chairman Kim on the 2nd of next month.
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