'Rime Fund Scandal' Kim Bong-hyun Sentenced to 30 Years in Prison on Appeal

Kim Bong-hyun, the former chairman of Star Mobility (49), a key figure in the 'Lime redemption scandal,' was sentenced to 30 years in prison in the appellate court as well.

Kim Bong-hyun, former chairman of Star Mobility and a key figure in the Lime Asset Management (Lime) scandal, is leaving the courtroom after completing the pre-arrest detention hearing (warrant review) related to fraud and violation of the Act on the Regulation of Conducting Fund-Raising Business Without Permission at the Southern District Court in Yangcheon-gu, Seoul, on September 20, 2022.
[Image source=Yonhap News]

On the 19th, the Criminal Division 3 of the Seoul High Court (Presiding Judge Lee Chang-hyung) sentenced Kim, who was indicted on charges including embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes, to 30 years in prison, the same as the first trial.

The court stated, "When adding the fraud amounts related to Boram Sangjo Development and Tivoli C&C, the total damage caused by the criminal acts amounts to about 125.8 billion won. The damages to Tivoli C&C and others have not been recovered." It added, "The defendant played a leading and central role in the crimes but only made excuses and showed no remorse." The court also pointed out, "The defendant damaged the electronic monitoring device (electronic anklet) and fled, and was caught planning to escape even while in custody, showing unfavorable circumstances after the crime, which necessitates a heavy punishment." However, the court judged that the sentence from the first trial was appropriate.

At the previous sentencing hearing, the prosecution requested the court to impose a 40-year prison sentence, stating, "Please consider the circumstances after the crime." This is a heavier sentence than the 30 years given in the first trial, and the prosecution explained that it reflected the defendant's escape and jailbreak plans. The prosecution said, "(Kim) appealed to the court claiming unfairness but secretly planned an escape," and "Since he meticulously prepared an escape operation plan and clearly intended to carry it out, it is an important sentencing factor reflecting the circumstances after the crime." In the previous hearing, the prosecution submitted Kim's escape plan as evidence to the court.

In his final statement, Kim said, "After receiving a 30-year sentence, I have been spending my time thinking about how I might die as if I were already dead." He acknowledged, "I admit that I am here because I committed wrongdoing, but no matter how much I think about it, the sentence given to me is too heavy." He added, "There are others who used the funds, and if the contents listed in the indictment had been traced one or two steps further, it could have been clearly proven that I did not use the funds. I have never personally used company money, so please allow me to be punished only for the mistakes I committed."

Earlier, in November last year, Kim cut off his electronic anklet and fled near Paldang Bridge in Hanam City, Gyeonggi Province, just before his trial, but was caught 48 days later in an apartment in Hwaseong, Gyeonggi Province. Kim is accused of embezzling 130 billion won from Star Mobility and Suwon Passenger, which were invested by Lime Asset Management from 2018 to 2020, and providing money to political circles. The first trial sentenced Kim to 30 years in prison and ordered him to pay 76.9354 billion won in fines. During the appellate trial, it was revealed that he planned an escape with another inmate in the same detention center.