'Kim Bong-hyun Accomplice, Former CFO, Surrenders in Suwon Passenger 24.1 Billion Embezzlement Case'

On the Run Abroad for Over a Year... Police in Talks with Cambodia on Extradition Procedures

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Byung-don] The financial director of Suwon Passenger Transport, who colluded with Kim Bong-hyun, chairman of Star Mobility and a key figure in the 'Lime scandal,' embezzled company funds and fled abroad for over a year, has surrendered.

The Gyeonggi Southern Provincial Police Agency's Intelligent Crime Investigation Unit announced on the 14th that they have secured the custody of Kim, the former executive director in charge of finance, who conspired with Chairman Kim to embezzle 24.1 billion KRW from Suwon Passenger Transport, a bus company in Gyeonggi Province, from October 2018 to January last year, and fled overseas.

While tracking Kim's whereabouts through a red notice request to the International Criminal Police Organization (Interpol), it was confirmed that he expressed his intention to surrender to the Cambodian Immigration Office the day before.

It is known that Kim fled abroad around January last year, just before a complaint was filed against him, and has been on the run, moving between China and Southeast Asia.

The police are currently negotiating with Cambodian authorities regarding the timing, method, and procedures for Kim's extradition.

Earlier, Chairman Kim Bong-hyun disappeared after an arrest warrant was issued against him in December last year for this case, living as a fugitive for five months before being apprehended by police in Seongbuk-gu, Seoul, on April 23 of this year.

Chairman Kim drew attention as the key figure and main financier of the Lime Asset Management scandal, which caused damages amounting to 1.6 trillion KRW earlier this year, as well as being a central figure in lobbying efforts involving political and business circles.

The police have identified that out of the embezzled company funds by Kim and Chairman Kim Bong-hyun, 8.6 billion KRW was returned to Suwon Passenger Transport's account, making the actual amount lost 15.5 billion KRW.

During police investigations, Chairman Kim reportedly denied the charges, stating, "I only borrowed money from Kim, whom I have known for a long time; I have no involvement in embezzlement."

On the 1st of this month, the police arrested Chairman Kim on charges of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes and sent him to the prosecution, seizing 6.03 billion KRW in cash that he had hidden and sending it along with him.

Suwon Passenger Transport was acquired by Company A before Chairman Kim and others embezzled company funds, and it is understood that this company borrowed acquisition funds for Suwon Passenger Transport from the Lime side.

The Lime side demanded that Company A hire Kim as an executive in exchange for lending the acquisition funds for Suwon Passenger Transport, and after becoming the financial director, Kim embezzled company funds and fled.

The Lime scandal is currently under investigation by the Seoul Southern District Prosecutors' Office.

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