Real Estate Developer Chairman Wanted by Interpol for Involvement in 200 Billion Won Embezzlement in Lime Scandal

Victims of Lime Asset Management funds are holding a press conference in front of the Seoul Southern District Prosecutors' Office in Yangcheon-gu, Seoul, urging the prosecution to conduct a prompt investigation. The victims have filed a complaint with the Seoul Southern District Prosecutors' Office against the head of Daishin Securities Banpo WM Center on charges including fraud under the Act on the Aggravated Punishment of Specific Economic Crimes and fraudulent trading under the Capital Markets Act. Photo by Yoon Dong-ju doso7@

[Asia Economy Reporter Lee Gwan-joo] The prosecution investigating the 'Lime Asset Management Scandal,' which caused damages worth 1.6 trillion won, is tracking the whereabouts of the chairman of the real estate development company invested in by Lime Asset Management. The chairman is known to have fled overseas, prompting an Interpol arrest request.

According to authorities on the 21st, the Seoul Southern District Prosecutors' Office has obtained an arrest warrant for Kim (47), chairman of Metropolitan, a real estate development company currently on the run abroad, and is moving to apprehend him. The National Police Agency, which operates the Korean National Central Bureau of the International Criminal Police Organization (ICPO, Interpol), requested Interpol to issue a wanted notice for Kim at the prosecution's request.

Metropolitan has been promoting real estate development projects in Jeju Island and Hapjeong-dong, Mapo-gu, Seoul. Lime invested 250 billion won of fund money raised in this company. Chairman Kim is suspected of being involved in embezzling 200 billion won of this amount.

The Lime scandal involves Lime Asset Management hiding the insolvency of its funds and selling products through banks, causing massive losses to investors. During the investigation into the embezzlement of about 80 billion won by the management of Lead, a KOSDAQ-listed company, the prosecution uncovered evidence that Lime Asset Management executives were involved in the crime and has been conducting investigations. Six people, including Park, vice chairman of Lead's management, have already been indicted. Former Lime vice president Lee Jong-pil, who led the design and operation of Lime funds, and Kim, chairman of Star Mobility, have evaded summons from investigative authorities and disappeared.

Earlier, in November last year, the prosecution requested an arrest warrant for former vice president Lee, but he did not appear for the warrant hearing. He has been missing for four months since. The prosecution is focusing on locating them along with CEO Shim, a former Shinhan Financial Investment PB.

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