Lime Key Figure Kim Bong-hyun Illegally Received 19.5 Billion Won... Former Lime Executive Sentenced to 5 Years in Prison

Lime funds of 19.5 billion KRW invested in a company owned by Kim Bong-hyun... Assistance in using for other purposes

[Asia Economy Reporter Heo Kyung-jun] The Supreme Court has upheld the prison sentence for a former Lime Asset Management executive who improperly supported 19.5 billion KRW to Kim Bong-hyun, chairman of Star Mobility, a key figure in the ‘Lime Asset Management scandal’ that caused investment losses worth over 1 trillion KRW.

The Supreme Court’s 2nd Division (Presiding Justice Cheon Dae-yeop) announced on the 17th that it confirmed the lower court’s ruling sentencing Kim, former head of Lime’s Alternative Investment Management Headquarters, to five years in prison and a fine of 3.5 billion KRW on charges including breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes.

Kim was prosecuted for investing 19.5 billion KRW of Lime’s funds, which had suspended redemptions due to operational failures revealed in January 2020, into Star Mobility owned by Chairman Kim, and for assisting in using the funds for purposes other than the originally agreed ones.

Additionally, Kim was further indicted for participating in fund recycling orchestrated by former Lime Vice President Lee Jong-pil, which caused losses to Lime funds.

The first trial separated the two cases and found Kim guilty in both, sentencing him to five years in prison and a fine of 3.5 billion KRW, and one year and six months in prison, respectively.

The appellate court combined the cases for trial, upheld Kim’s guilt, but reduced the total sentence to five years in prison and a fine of 3.5 billion KRW. The appellate court reasoned, “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 former Vice President Lee.”

The Supreme Court also agreed with the appellate court’s judgment.

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