Police Arrest Close Associate of 'Kim Hoejang,' Lime's Money Source... Prosecution Investigation Accelerates

[Asia Economy Reporter Yoo Byung-don] An associate of Kim Bong-hyun, chairman of Star Mobility, who was identified as the financier behind Lime Asset Management's 1.6 trillion won redemption suspension scandal, has been arrested by the police.

The Gyeonggi Southern Provincial Police Agency announced on the 31st that they apprehended Mr. A, an insider and executive director of Star Mobility, at an undisclosed location in Gyeonggi Province on the 30th. Mr. A is suspected of embezzling funds from Suwon Passenger, a bus company in the Gyeonggi area, along with Chairman Kim.

Chairman Kim was accused in January last year of embezzling 16.1 billion won from Suwon Passenger's company funds between late 2018 and early last year. He disappeared starting December of the same year, just before his pre-trial detention hearing (warrant review) while under police investigation.

At the time of embezzling Suwon Passenger's funds, Chairman Kim conspired not only with Mr. A but also with Mr. B, the chief accounting officer of Suwon Passenger. It has been confirmed that Mr. B also fled overseas after the crime.

While Chairman Kim remains at large, the police believe that the arrest of Mr. A could provide a crucial lead in tracking him down. This is because Mr. A, being a close associate of Kim, also began his escape around the time Kim disappeared.

A police official stated, "Chairman Kim was not present at the time of Mr. A's arrest," and added, "We will interrogate Mr. A thoroughly to apprehend Chairman Kim as soon as possible."

Meanwhile, Chairman Kim was identified as the "chairman who conducts massive lobbying" in a recently publicized recording of Jang Mo, head of the Banpo WM Center at Daishin Securities, a distributor of Lime Asset Management. He is also suspected of embezzling 51.7 billion won from Star Mobility's company funds.

Accordingly, the Seoul Southern District Prosecutors' Office, which is investigating both the Lime scandal and the Star Mobility embezzlement case, has formed a task force to pursue Chairman Kim.

This content was produced with the assistance of AI translation services.