'Kim Bong-hyun Improper Support' Lime Former Head Sentenced to 5 Years in Second Trial
[Asia Economy Reporter Bae Kyunghwan] The former head of Lime Asset Management's alternative investment division, who was prosecuted for unfairly supporting Kim Bong-hyun, the key figure in the Lime Asset Management scandal and former chairman of Star Mobility, was sentenced to five years in prison in the second trial. This sentence is reduced compared to the first trial, and a fine of 3.5 billion KRW was also imposed.
According to the legal community on the 29th, the Criminal Division 3 of the Seoul High Court (Presiding Judges Park Yeon-wook, Kim Kyu-dong, Lee Hee-jun) sentenced Kim, the former head of Lime's alternative investment management division, who was indicted on charges including breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes, to five years in prison and a fine of 3.5 billion KRW. In the first trial, the case was divided into two parts, resulting in sentences of five years in prison and a fine of 3.5 billion KRW, and one year and six months in prison, respectively.
Kim was indicted for investing 19.5 billion KRW of Lime's funds, which had suspended redemptions due to revealed management failures, into Star Mobility owned by Chairman Kim, and for assisting in using these funds for purposes other than the originally agreed ones. Kim was also separately indicted for participating in the fund recycling scheme led by former Lime Vice President Lee Jong-pil, which caused losses to Lime funds.
Hot Picks Today
As Samsung Falters, Chinese DRAM Surges: CXMT Returns to Profit in Just One Year
- "Most Americans Didn't Want This"... Americans Lose 60 Trillion Won to Soaring Fuel Costs
- Man in His 30s Dies After Assaulting Father and Falling from Yongin Apartment
- Samsung Union Member Sparks Controversy With Telegram Post: "Let's Push KOSPI Down to 5,000"
- "Why Make Things Like This?" Foreign Media Highlights Bizarre Phenomenon Spreading in Korea
The court recognized Kim's charges as guilty, stating, "The defendant received financial benefits related to the duties of financial company employees, damaging integrity and causing huge losses to investors." However, the court cited as reasons for sentencing mitigation that "the defendant is a first-time offender, and most of the final decisions related to the fund recycling crime appear to have been made by Lee Jong-pil."
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
