Former Shinhan Investment Corp Head Sentenced to 8 Years in Appeal Trial for 'Lime Fund Sales'

Seoul Central District Court / Photo by Moon Honam munonam@

[Asia Economy Reporter Seongpil Cho] A former executive of Shinhan Financial Investment, who was indicted for continuing to sell Lime Asset Management's private equity funds without disclosing their insolvency, was sentenced to prison again in the appellate court following the first trial.

The Seoul High Court Criminal Division 6-3 (Presiding Judge Eunrae Jo) on the 9th sentenced Im, former head of Shinhan Financial Investment's PBS Headquarters, to 8 years in prison and a fine of 300 million KRW for charges including fraud under the Act on the Aggravated Punishment of Specific Economic Crimes, the same as in the first trial. Im, who had been released on bail during the appeal, was re-arrested in court upon the sentencing.

Im was detained and indicted on charges of selling fund products worth 48 billion KRW to general investors without disclosing the occurrence of insolvency in overseas funds. He is also accused of changing the fund structure by combining 17 profitable funds with 17 insolvent funds to conceal the insolvency of the Lime trade fund, thereby passing losses onto otherwise sound funds. Additionally, the indictment includes charges that he received 16.5 million KRW from a listed company in exchange for investing 5 billion KRW of Shinhan Financial Investment's funds into that company.

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