Rhyme Funds Flowing to Gangs?…Prosecutors Investigate 'Casino Resort Acquisition'

Metropolitan Chairman Kim, Evidence of Domestic Gang Involvement Detected in Philippine Resort Acquisition Process

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Byung-don] The actual owner of Metropolitan, a real estate development company that received over 300 billion won in investment from Lime Asset Management (Lime), Kim Mo (47), has been linked to domestic criminal organizations during the acquisition of a resort in the Philippines, prompting prosecutors to launch an investigation.

According to the legal community on the 11th, the Criminal Division 6 of the Seoul Southern District Prosecutors' Office (Chief Prosecutor Cho Sang-won), which is investigating suspicions related to Lime's 1.6 trillion won redemption suspension incident, has detected signs that Lime's funds flowed through Metropolitan to some organized crime members and is investigating the flow and use of the money.

Chairman Kim is a separate individual from Kim Bong-hyun (46), chairman of Star Mobility, who was recently arrested, and is currently on the run overseas. Prosecutors have obtained an arrest warrant for Kim and have requested Interpol through the National Police Agency to issue a wanted notice.

In December 2018, Kim used 30 billion won out of the 300 billion won invested by Lime to acquire a casino resort in Cebu, Philippines. The previous owner of the resort was a domestic organized crime group, who had internal conflicts over resort shares, leading to a shootout in August 2018, and arrest warrants were issued locally.

To properly acquire shares of the resort corporation, a foreign investment corporation must be established locally in the Philippines. However, Kim acquired about 40% of the resort corporation shares under the name of the Metropolitan representative personally without establishing a foreign investment corporation, and purchased the rest under the names of local Filipinos. It is even known that the casino corporation shares were 100% purchased under local nominees.

A creditor of the resort, Mr. A, has filed a complaint with the Seoul Southern District Prosecutors' Office accusing Chairman Kim and Metropolitan representative Mr. B of embezzling the money invested from Lime under the pretext of acquiring the resort, then handing it over to the criminal organization as acquisition funds, thereby laundering money, on charges including concealment of criminal proceeds.

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