Former Chairman of Ssangbangwool Group 'Geumgojigi' Arrested in Thailand... Prosecution Investigation Gains Momentum

Caught While Fleeing Abroad

Photo by Asia Economy DB

[Asia Economy Reporter Han Ye-ju] It has been confirmed that Mr. Kim, known as the 'treasurer' of Ssangbangwool Group, was arrested in Thailand while attempting to flee abroad.

According to the legal community on the 7th, the Criminal Division 6 of Suwon District Prosecutors' Office (Chief Prosecutor Kim Young-nam), which is investigating cases related to Ssangbangwool, plans to coordinate with the Thai government regarding Mr. Kim's domestic summons schedule. Mr. Kim, who served as the Head of Finance Headquarters at Ssangbangwool Group, is known as a key figure in the allegations of attorney fee payments on behalf of Lee Jae-myung, leader of the Democratic Party of Korea, and Ssangbangwool's suspected remittances to North Korea.

Mr. Kim, who is under investigation by the prosecution for embezzlement and breach of trust related to Ssangbangwool, reportedly fled abroad in May of this year. The prosecution requested Interpol to issue a red notice for Mr. Kim and invalidated his passport through the Ministry of Foreign Affairs. Due to the passport invalidation, it is highly likely that Mr. Kim will undergo deportation procedures in Thailand.

With the arrest of Mr. Kim, a close aide to former Chairman Kim and someone who is intimately familiar with the overall financial flows of Ssangbangwool Group, the prosecution's investigation is expected to accelerate. The Suwon District Prosecutors' Office is conducting a comprehensive investigation into Ssangbangwool Group's ▲ suspected violations of the Capital Markets Act ▲ suspected illegal export of US dollars ▲ allegations of attorney fee payments on behalf of Lee Jae-myung, leader of the Democratic Party of Korea.

Meanwhile, former Chairman Kim left for Singapore at the end of May this year, just before the prosecution began searching Ssangbangwool Group, and has been on the run overseas for seven months.