'Rhyme Bad Fund Sales' Shinhan Investment Corp Former Head Fully Denies Charges in First Trial

Defense Attorney: "Victims Joined the Fund, Future Recovery of Damages Possible"

[Asia Economy Reporter Yoo Byung-don] A former executive of Shinhan Financial Investment, who was arrested and indicted on charges including continuing to sell funds without disclosing their insolvency in connection with the 'Lime Asset Management Scandal' involving a redemption suspension of about 1.6 trillion won, denied all charges at the first trial.

At the first hearing of the case held on the 13th at the Seoul Southern District Court Criminal Division 13 (Presiding Judge Shin Hyuk-jae), the defense attorney for former Shinhan Financial Investment PBS Headquarters Director Lim stated, "The amount of damage must be specified and the scope of the defendant's trial responsibility must be clear, but the funds subscribed to by the victims have the possibility of recovering the damage in the future," denying all the prosecution's allegations.

In response, the prosecution said, "Since the defendant was indicted, many accomplices such as former Lime Vice President Lee Jong-pil and former Shinhan Financial Investment Team Leader Shim have been arrested," adding, "Additional evidence beyond the indicted evidence list is expected to emerge and will be submitted at the next hearing."

The next trial will be held today, the 27th, at 2 p.m. at the same location.

Former Director Lim was arrested in March on charges including violation of the Act on the Aggravated Punishment of Specific Economic Crimes (bribery and fraud) and violation of the Capital Markets Act, and was brought to trial. He is the first suspect to be detained during the prosecution's investigation of the 'Lime Scandal.'

According to the prosecution, former Director Lim is accused of selling fund products worth 48 billion won to general investors through Shinhan Financial Investment without disclosing the fact that insolvency occurred in overseas funds.

He is also accused of causing damage by changing the fund structure to combine 17 profitable funds with 17 insolvent funds in an attempt to conceal the insolvency of the Lime trade fund.

Additionally, he is charged with receiving 16.5 million won as a bribe in exchange for investing 5 billion won of Shinhan Financial Investment's funds in Lead, a KOSDAQ-listed company.

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