'Rhyme Momtong' Kim Bong-hyun, Cuts Electronic Bracelet Near Paldang Bridge and Escapes Ahead of Trial

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Byung-don] Kim Bong-hyun, former chairman of Star Mobility and a key figure in the Lime Asset Management scandal, fled ahead of his trial.

According to the Seoul Southern District Prosecutors' Office on the 11th, Kim was confirmed to have cut off his electronic tracking device (electronic ankle bracelet) and escaped near Paldang Bridge in Hanam-si, Gyeonggi-do around 1:30 PM that day.

Kim was scheduled to appear at 3 PM for a trial on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (embezzlement) held by the Criminal Division 13 of the Seoul Southern District Court (Presiding Judge Lee Sang-joo).

It is interpreted that Kim felt pressured as the Seoul Southern District Prosecutors' Office trial division (Chief Prosecutor Gong Jun-hyuk) intensified the investigation, including the seizure of assets worth approximately 6.5 billion KRW, suspected to be concealed by Kim, on the 27th of last month.

Kim was arrested and indicted in May 2020 on charges including embezzling hundreds of billions of won from Suwon Passenger Transport and Star Mobility, and providing money and entertainment to political circles and prosecutors, but was released on bail in July last year.

He is accused of embezzling 24.1 billion KRW of operating funds from the bus company Suwon Passenger Transport, embezzling 40 billion KRW invested from Lime after acquiring Star Mobility, and embezzling 37.7 billion KRW of assets held by the Veterans' Mutual Aid Association after acquiring it.