[Asia Economy Reporter Yoo Byung-don] The prosecution has requested an arrest warrant for a former chairman of a media company who fled after receiving investment funds from Lime Asset Management funds to cover up management failures.
On the 9th, the Financial Investigation Division 1 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Lee Seung-hyung) announced that it had apprehended former chairman Lee of the media company Hallyu Times (formerly Sports Seoul), who is suspected of violating the Capital Markets Act, and requested an arrest warrant.
Former Chairman Lee is accused of receiving approximately 30 billion KRW from Lime in May 2019 to resolve the insolvency of Hallyu Times, a KOSDAQ-listed company, and then, together with accomplices, fabricating the appearance of receiving legitimate investments from other companies (violation of the Capital Markets Act).
He is also charged with falsely promoting investments in promising overseas new businesses to inflate the stock price.
After the Lime scandal broke out in July 2019, former Chairman Lee fled to the United States, but was apprehended there in September of this year, about three years later, and forcibly repatriated to Korea the day before yesterday.
Meanwhile, two other officials related to Hallyu Times were also arrested and indicted on the same charges in December last year and are currently undergoing first trial proceedings.
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