Former Executive of Suwon Passenger Accused of Embezzlement: "Kim Bonghyun Encouraged and Supported Overseas Escape"

Former Chairman Kim Bong-hyun of Star Mobility. [Image source=Yonhap News]

[Asia Economy Reporter Lee Gwan-joo] A former executive of Suwon Passenger, who embezzled company funds and fled overseas before surrendering, claimed in court that he escaped at the urging of former Star Mobility Chairman Kim Bong-hyun and even received financial support from him.

On the 6th, Kim, the former CFO of Suwon Passenger, who appeared as a witness at the trial of former Chairman Kim held by the Criminal Division 13 of the Seoul Southern District Court (Presiding Judge Shin Hyuk-jae), admitted to embezzlement, saying, "I transferred Suwon Passenger company funds to another corporation."

Kim was indicted on charges of conspiring with former Chairman Kim and others to embezzle 24.1 billion KRW of Suwon Passenger’s company funds. They transferred the money to accounts of four corporations, and investigations revealed that former Chairman Kim used part of it for personal purposes, including the acquisition of Star Mobility.

Kim stated, "At that time, Suwon Passenger had bank loans that were not immediately necessary," and added, "Since we borrowed money at a low interest rate, I thought that by managing assets with a slightly higher interest rate, we could gain non-operating profits, so I sent the money to another company." He also testified, "I was not aware that the money that left was used for purposes different from the original intent."

Kim fled overseas in January last year but surrendered to the Cambodian Immigration Office and was repatriated to Korea. He claimed, "I started the escape at the urging of former Chairman Kim," and "He initially gave me 50 million KRW for escape funds and later even supported a chartered flight."

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