Former Shinhan Financial Investment Team Leader Involved in Lime Sentenced to 5 Years in Prison

Lead Facilitated 5 Billion KRW Investment from Shinhan Investment Corp.
Arrested and Indicted on Charges of Receiving Luxury Watches, Foreign Cars, and More

[Asia Economy Reporter Yoo Byung-don, Intern Reporter Park Joon] A former team leader at Shinhan Financial Investment (Shinhan Investment), who was indicted on charges of receiving bribes including money and goods from the former vice chairman of Lead, a KOSDAQ-listed company funded by Lime Asset Management, has been sentenced to imprisonment.

The Criminal Division 13 of the Seoul Southern District Court (Presiding Judge Shin Hyuk-jae) sentenced former team leader Shim Mo of Shinhan Investment’s PBS Business Headquarters to three years in prison on the 23rd for violating the Act on the Aggravated Punishment of Specific Economic Crimes (receiving bribes, etc.). In addition, a fine of 300 million KRW and a confiscation order of approximately 43.7 million KRW were imposed.

The court stated, “The defendant used his position as a financial institution employee to solicit funds and received high-end luxury goods and a car free of charge, thereby gaining benefits,” and added, “The defendant’s crime is an act that undermines the trust in financial institution employees, making severe punishment inevitable.” However, the court also noted, “The fact that the defendant did not actively demand money or other benefits is considered a favorable circumstance” as a reason for sentencing.

Former team leader Shim was previously detained and indicted on charges of receiving luxury watches, luxury bags, and high-end imported cars worth a total of about 74 million KRW as a reward for investing 5 billion KRW of Shinhan Investment funds into Lead, a company invested in by Lime funds.

Park Mo, former vice chairman of Lead, appeared as a witness in Shim’s trial and gave detailed testimony about the circumstances of delivering bribes. Park said, “A person named A, whom I had known for some time, said that payments had to be made to Shim and former Lime vice chairman Lee Jong-pil,” adding, “So I purchased luxury watches and bags at a department store in Apgujeong.” He also stated, “From June 2017 to April 2018, I provided Shim with a luxury Mercedes-Benz sedan and covered the lease costs.”

Shim’s defense team acknowledged the receipt of goods but argued that it was merely a reward for introducing former vice chairman Lee and had no relation to his duties as team leader of Shinhan Investment’s PBS headquarters.

Earlier, at the sentencing hearing held on August 19, the prosecution demanded eight years in prison, stating, “As a team leader at Shinhan Investment, he had the responsibility to protect investors through objective investment and enhance fairness to foster financial investment, but he committed the crime for personal goals,” and added, “The crime severely damages fairness and the general public’s trust, making the nature of the offense extremely serious.”

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