Former Shinhan Investment Corp. Head Involved in 'Rhyme Incident' Indicted and Detained

A former executive of Shinhan Financial Investment, who is accused of continuing to sell funds without disclosing their insolvency in connection with the 'Lime Asset Management incident,' is leaving the court after the warrant hearing held on the afternoon of the 27th of last month at the Southern District Court in Yangcheon-gu, Seoul.

[Asia Economy Reporter Yoo Byung-don] The prosecution has sent a suspect to trial for the first time in connection with the 'Lime Asset Management scandal.'

The Criminal Division 6 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Jo Sang-won) announced on the 10th that it has indicted former Shinhan Financial Investment PBS Head Lim Mo on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (bribery and fraud), and the Capital Markets Act, among others.

Former Head Lim was arrested on the 25th of last month and was detained on the 27th of the same month.

He is accused of receiving 165 million KRW through a company in which he holds shares from a listed company as a reward for investing 5 billion KRW of Shinhan Financial Investment's funds.

He is also charged with causing losses to other funds by restructuring the fund by combining 17 profitable funds and 17 poor-performing funds to conceal the insolvency of the Lime trade fund.

Additionally, he is accused of selling fund products worth 48 billion KRW to general investors through Shinhan Financial Investment without disclosing the fact that insolvency had occurred in overseas funds.

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