Prosecutors Reapply for Arrest Warrant of Former Vice President Lee Jong-pil, the 'Core Figure' in the Lime Scandal

Victims of Lime Asset Management funds held a press conference on the 21st in front of the Seoul Southern District Prosecutors' Office in Yangcheon-gu, Seoul, urging "prompt investigation by the prosecution." The victims 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 Yoo Byung-don] The prosecution has reissued arrest warrants for Lee Jong-pil, former vice president of Lime Asset Management, and Shim Mo, former team leader at Shinhan Financial, key figures in the Lime Asset Management scandal involving a redemption suspension worth approximately 1.6 trillion won.

The Criminal Division 6 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Jo Sang-won), which is investigating the Lime scandal, announced on the 24th that it had applied charges under the Act on the Aggravated Punishment of Specific Economic Crimes and requested arrest warrants for the two individuals.

Former Vice President Lee is suspected of investing Lime’s funds into the KOSDAQ-listed company 'Lead' and receiving money and valuables from the company's management.

When an arrest warrant was requested last November on charges of violating the Act on the Aggravated Punishment of Specific Economic Crimes (bribery, etc.), Lee fled without attending the pre-arrest detention hearing but was captured by police on the 23rd at a villa in Seongbuk-gu, Seoul, after about five months on the run.

The court had issued an arrest warrant for Lee, who did not appear at the hearing, but since the warrant’s validity period had expired, the prosecution reissued the warrant on this day.

Lee, who designed and managed Lime Asset Management’s funds, is identified as the 'mastermind' behind the current scandal.

The prosecution is investigating multiple aspects of the case, including Lime Asset Management’s fund yield recycling, sales fraud targeting investors by various fund distributors, allegations of embezzlement of company funds by corporate raiders targeting listed companies where Lime’s funds were invested, and suspicions of protection by high-ranking officials and politicians, including Blue House personnel.

Shim, who was arrested alongside Lee and for whom an arrest warrant was requested, is also suspected of playing a practical role in the process of investing Lime fund money into 'Lead,' assisting former Shinhan Financial Investment PBS Headquarters Director Lim Mo and Lee, and receiving money and valuables as compensation.

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