‘Lime Scandal Mastermind’ Kim Young-hong, Metropolitan Chairman’s Close Associate Arrested... Funds Raised for Escape Through Gambling Den

Seoul Southern District Court: "There is a risk of flight and evidence tampering"

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] A close aide of Kim Young-hong, chairman of Metropolitan and a key figure in the ‘Lime Asset Management’ scandal, has been arrested on charges of operating a remote gambling site to fund his escape and pocketing profits worth around 70 billion won.

On the 25th, Im Hae-ji, the judge in charge of warrants at the Seoul Southern District Court, held a pre-arrest detention hearing (warrant substantive examination) for Kim’s aide Jeong at around 10:30 a.m. and issued an arrest warrant, citing “risk of flight and evidence destruction.”

Jeong is accused of operating a remote gambling site in the Philippines and earning profits worth about 70 billion won (charges include operating a gambling space, violation of foreign exchange transaction laws, and violation of the Act on the Aggravated Punishment of Specific Crimes related to concealment of criminal proceeds). The gambling site is known to have been operated by Kim to raise funds for his escape.

Jeong is suspected of providing escape funds by distributing profits to Kim, the actual owner of the casino, and is also considered a person who knows Kim’s whereabouts. The Seoul Southern District Prosecutors’ Office had suspended prosecution for Kim and Jeong, who fled overseas, in November last year, but Jeong was arrested in the Philippines earlier this month and repatriated to Korea on the 22nd.

Metropolitan is a real estate development company, and in 2018, Kim received about 350 billion won in investment from Lime under the pretext of domestic real estate development. Former Star Mobility chairman Kim Bong-hyun also pointed to Kim Young-hong as the mastermind behind the Lime scandal.