Prosecutors Seek Arrest Warrants for Two Executives of Rhyme Scandal Affiliates on Hundreds of Billions Embezzlement Charges

Arrest Warrants Issued for Two Executives of Real Estate Developer Metropolitan

Victims of Lime Asset Management Fund. Photo from 2020. / Photo by Yoon Dong-ju doso7@

The Seoul Southern District Prosecutors' Office's Joint Investigation Team on Financial and Securities Crimes (led by Chief Prosecutor Ha Dong-woo) has requested arrest warrants for two executives of a related company suspected of embezzling hundreds of billions of won by submitting false documents to Lime Asset Management (hereafter Lime) amid the ongoing reinvestigation of the Lime redemption suspension incident.

On the 27th, the prosecutors announced that they filed arrest warrants against Mr. A and Mr. B of the real estate developer Metropolitan on charges including violation of the Act on the Aggravated Punishment of Specific Economic Crimes (fraud).

According to the prosecution, they are suspected of participating in crimes related to Lime fund money alongside Lee Jong-pil, former vice president of Lime and the 'mastermind' of the Lime incident, and Kim Young-hong, former chairman of Metropolitan.

While serving as executives of Metropolitan, they allegedly conspired with former Vice President Lee and former Chairman Kim to submit false documents to Lime in December 2018 under the pretext of acquiring a resort casino located in the Philippines, thereby fraudulently obtaining an investment of 30 billion won.

They are also accused of submitting false documents to Lime in April 2019 under the pretext of acquiring a company located in Paju, fraudulently obtaining an investment of 21 billion won.

The prosecution is continuing its investigation related to Lime in cooperation with the police and the Ministry of Justice.

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