'Fund Rolling Suspicions' Won Jong-jun, CEO of Lime Asset Management, Appears for Detention Hearing

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Byung-don] Won Jong-jun, CEO of Lime Asset Management, who is responsible for the 'Lime Asset Management Scandal' with estimated damages reaching 1.6 trillion KRW, and Lee, head of Lime's Marketing Division, appeared at the Seoul Southern District Court on the 14th for a pre-arrest detention hearing.

Around 10:16 a.m., upon arriving at the court, CEO Won and Director Lee remained silent in response to reporters' questions such as "Do you admit to the charges of selling defective funds?", "Do you have any message for the investors?", and "Do you feel responsible as all related parties are currently on trial?"

According to the prosecution, CEO Won and Director Lee are accused of deceiving investors by pretending to directly invest in overseas trade funds, while intending to use the redemption funds from existing funds, and raised a total of 200 billion KRW from 18 Lime trade finance funds.

Some investors who invested in Lime funds filed a complaint against CEO Won and others in March, alleging that Lime caused huge losses to customers by selling another fund to cover the deficiencies of the trade finance fund, a so-called 'fund rolling' scheme.

The prosecution applied charges including violation of the Act on the Aggravated Punishment of Specific Economic Crimes (fraud) and the Capital Markets Act, and requested an arrest warrant on the 10th.

The pre-arrest detention hearing is being conducted by Judge Park Won-gyu, who is in charge of warrants, and the decision on detention is expected to be made late in the afternoon.

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