'Rhyme Momtong' Kim Bong-hyun Cuts Off Electronic Bracelet and Escapes... Court's Late Judgment Under Scrutiny (Comprehensive)

Prosecutors' Two Requests for Arrest Warrants Rejected
Bail Revocation Request Delayed but Approved Today

Former Star Mobility Chairman Kim Bong-hyun, who was identified as the main figure in the Lime Asset Management scandal, cut off his electronic ankle bracelet and escaped near Paldang Bridge in Hanam-si, Gyeonggi-do, around 1:30 PM on the 11th. Photo by Seoul Southern District Prosecutors' Office

[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. The court belatedly accepted the prosecution's request to revoke Kim's bail.

According to the Seoul Southern District Prosecutors' Office on the 11th, Kim was confirmed to have cut off his electronic tracking device (electronic bracelet) near Paldang Bridge in Hanam City, Gyeonggi Province, around 1:30 PM and fled.

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

Recently, the Seoul Southern District Prosecutors' Office trial division (Chief Prosecutor Gong Jun-hyuk) intensified the investigation by seizing assets worth approximately 6.5 billion KRW, suspected to be concealed by Kim, on the 27th of last month, which is interpreted as putting pressure on him.

Additionally, during the trial on the 28th of last month, the prosecution requested the court to revoke Kim's bail, stating, "Insider testimony confirmed that Kim prepared to illegally enter China if he was expected to be detained in court due to failure to reach an agreement with the victims."

The court delayed its decision but issued a belated approval after Kim fled.

Previously, regarding another fraud case involving about 9 billion KRW for which Kim was indicted, the prosecution requested arrest warrants twice. However, Judge Kwon Ki-man, in charge of warrants at the Seoul Southern District Court, dismissed the warrants, stating, "At this stage, it is difficult to recognize grounds and substantiality for detention," and "The suspect has faithfully attended related trials for over a year after being released on bail."

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 politicians 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, 40 billion KRW invested from Lime after acquiring Star Mobility, and 37.7 billion KRW of assets held by the Veterans' Mutual Aid Association after acquiring it.

Meanwhile, it has been confirmed that Kim is currently under a travel ban.