Five People Indicted for Manipulating Stock Prices of Listed Companies Invested by Lime Asset Management to Pocket 8.3 Billion KRW
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[Asia Economy Reporter Yoo Byung-don] A group accused of manipulating the stock prices of KOSDAQ-listed companies funded by Lime Asset Management's funds to illicitly gain over 8 billion KRW has been brought to trial.
The Criminal Division 6 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Jo Sang-won) announced on the 14th that four individuals, including Lee, were arrested and indicted on charges of violating the Capital Markets Act. Additionally, one accomplice was indicted without detention.
They are accused of acquiring and merging (M&A) the KOSDAQ-listed automobile parts company Esmo without capital, then manipulating its stock price to earn 8.3 billion KRW in market price gains. They are also charged with failing to disclose large stockholding (change) reports during the crime.
The prosecution did not disclose specific details about the acquisition method or the stock price manipulation techniques.
Lime Asset Management, which caused damages amounting to 1.6 trillion KRW due to a redemption suspension incident, reportedly invested over 10 billion KRW in Esmo by purchasing convertible bonds (CB) issued by Esmo.
The prosecution is accelerating investigations by consecutively indicting those involved in the Lime incident. Previously, on the 10th, Lim, former head of Shinhan Financial Investment who sold products to investors while hiding the Lime fund's insolvency, was arrested and indicted. On the 13th, two drivers who helped Lee Jong-pil, former vice president of Lime Asset Management and a key figure in the Lime incident, escape were also brought to trial.
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The prosecution is also focusing on securing the custody of key figures, including Kim Bong-hyun, former chairman of Star Mobility, who was identified as a 'jeonju (錢主, money master)' of Lime along with former vice president Lee.
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