Rhyme Don Acquires Listed Company with 100 Billion Won → Gang Embezzles 47 Billion Won, Arrested

[Asia Economy Reporter Yoo Byung-don] A group involved in embezzling hundreds of billions of won in company funds after acquiring KOSDAQ-listed companies using Lime Asset Management funds has been arrested.

On the 13th, the Seoul Southern District Court's warrant judge Seong Bo-gi announced that on the 12th, he conducted a pre-arrest suspect interrogation (warrant substantive examination) for three individuals including Kim and issued arrest warrants.

Among the group, two individuals including Kim are accused of receiving about 100 billion won in Lime fund capital to acquire listed companies such as SM Materials and embezzling 47 billion won from these companies' funds (violation of the Act on the Aggravated Punishment of Specific Economic Crimes).

Another individual, Lee, is accused of providing tens of billions of won to a professional market manipulator to manipulate the stock price of SM Materials (violation of the Capital Markets Act). Lee is also charged with embezzling 3.9 billion won from the listed company L.

The prosecution also requested an arrest warrant for Jung, who connected the corporate raider group to the market manipulator and gained unfair profits worth about 1.4 billion won as compensation. However, Jung did not attend the hearing held on the 12th. Jung is scheduled to undergo the hearing on the 13th, one day later than the other suspects.

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