Ssangbangwool's Kim Sung-tae 'Treasurer' Repatriated to South Korea... Transferred to Suwon District Prosecutors' Office

The Person Most Familiar with Group Fundraising and Transaction Processes
Gives Up Appeal in 'Refusal of Repatriation' Trial... Voluntary Return

Kim Mo, former head of the Group's Finance Headquarters known as the 'treasurer' of former Ssangbangwool Group Chairman Kim Sung-tae, is seen exiting through Exit F of Terminal 1 at Incheon International Airport on the morning of the 11th.
Photo by YTN News

[Asia Economy Reporter Choi Seok-jin, Legal Affairs Specialist] Kim Mo, former General Manager of Finance at Ssangbangwool Group and known as the 'treasurer' for former Chairman Kim Seong-tae, was repatriated to South Korea on the 11th.

Kim, the brother-in-law of former Chairman Kim, was responsible for managing Ssangbangwool Group's funds and was considered a crucial 'key man' to prove several charges against the former chairman. Following the securing of the custody of Park Mo, the executive secretary who helped former Chairman Kim flee overseas on the 7th, the securing of Kim's custody on this day is expected to accelerate the prosecution's investigation into Ssangbangwool Group.

Kim was transferred to the Suwon District Prosecutors' Office immediately after being repatriated through Incheon International Airport in the morning.

Around 8:30 a.m. that day, Kim appeared at Exit F of Terminal 1 at Incheon International Airport wearing a black hoodie and a white cap. Upon seeing the waiting press at the exit, he bowed his head deeply.

Reporters asked questions such as "Did any of the managed funds go to the North?", "Was there any payment made on behalf of Representative Lee Jae-myung's legal fees?", "Was there pressure from former Chairman Kim's side regarding the decision to return?", "Did former Deputy Governor Lee Hwa-young recommend the inter-Korean business and remittance?", and "What was the compensation for the funds sent to the North?" However, Kim did not answer any questions and left Incheon Airport surrounded by prosecution investigators.

Kim had left for Thailand with former Chairman Kim and others at the end of May last year, just before the prosecution's investigation into Ssangbangwool Group began in earnest. He was arrested by local police in Pattaya, Thailand, in early December of the same year but refused repatriation and underwent trial there.

On the 7th, after being fined 4,000 baht (approximately 150,000 KRW) by the Pattaya District Court for illegal stay, he suddenly withdrew his appeal and expressed his intention to voluntarily return to South Korea.

Kim, who knows better than anyone the process of raising and handling funds through convertible bonds (CB) issued by Ssangbangwool Group affiliates, is seen by the prosecution as playing a decisive role in the investigation into former Chairman Kim's embezzlement, breach of trust charges, and suspicions of remittances to North Korea.

It is known that former Chairman Kim stated during the prosecution's investigation that "Kim knows the specific details of the company's fund flows well."

Former Chairman Kim was indicted on the 3rd on charges including violation of the Foreign Exchange Transactions Act for allegedly handing over 8 million USD to North Korean smart farm workers and for Representative Lee Jae-myung of the Democratic Party of Korea's visit to North Korea.

The prosecution believes that Kim was deeply involved in the process of raising funds for remittances to North Korea through two paper companies (SPCs) established by former Chairman Kim.