Prosecutors End Kim Seong-tae Investigation After 13 Hours... Prioritize Embezzlement and Breach of Trust Charges

Former chairman Kim Seong-tae, the real owner of Ssangbangwool Group, who was arrested in Thailand during his life on the run abroad, is being escorted through Incheon International Airport on the morning of the 17th. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Kim Hyung-min] Former Ssangbangwool Group Chairman Kim Sung-tae, who was apprehended while fleeing abroad and handed over to the prosecution, underwent an intense 13-hour investigation.

According to the legal community on the 18th, Kim’s prosecution interrogation, which began at 10:45 a.m. the previous day, ended around midnight. Upon arrival, Kim immediately hired Yoo Jae-man, a former prosecutor from the law firm Kwangjang, and met with the prosecutor. The formal questioning started after lunch in the afternoon. One lawyer was present in the room to defend Kim. Although Kim denied the charges to the press upon arrival, he reportedly cooperated with the investigation without refusing to testify or invoking the right to remain silent.

The prosecution thoroughly prepared for Kim’s interrogation, who was caught after eight months of fleeing abroad, by drafting dozens of pages of questions. Kim’s questioning concluded around 10 p.m. the previous day, after which he and his lawyer reviewed the interrogation records for about two hours before ending the session.

The prosecution focused on allegations of embezzlement and breach of trust stated in the arrest warrant issued last year. It is alleged that Kim instructed A, the current finance manager at Ssangbangwool, to arbitrarily reduce a significant portion of the partnership shares in Zeus No.1 Investment Association, which holds rights related to convertible bonds of Ssangbangwool affiliate Nanos, and convert them into his own shares, causing breach of trust amounting to approximately 450 billion KRW.

Kim reportedly denied the charges, stating that he did not personally embezzle company funds.

After the investigation, Kim was transferred to Suwon Detention Center to spend the night and was scheduled to appear again before the prosecution around 10 a.m. the same day for further questioning. The prosecution is expected to request an arrest warrant for Kim on the same day once the investigation is complete.

Kim faces charges including embezzlement, breach of trust, violation of the Capital Markets Act, bribery, violation of the Foreign Exchange Transactions Act, as well as allegations of illegal remittances to North Korea and paying legal fees for Lee Jae-myung, leader of the Democratic Party of Korea. He was arrested on the 10th at a golf course in Pathum Thani, Thailand. Two days later, on the 12th, he expressed his intention to voluntarily return and arrived in Korea around 8:20 a.m. the previous day.

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