Kim Bong-hyun, former chairman of Star Mobility, who was brought to trial on charges of providing illegal political funds to former Democratic Party of Korea lawmaker Ki Dong-min and others in connection with the "Lime fund scandal," was acquitted in the first trial.
On the 17th, Judge Seo Young-woo of the Seoul Southern District Court's Criminal Division 12 single-judge panel acquitted Kim, the former chairman, and Lee Kang-se, former CEO of Star Mobility, who were brought to trial on charges of violating the Political Funds Act.
They are accused of delivering a total of about 160 million won in cash and valuables in 2016 to former lawmaker Ki, lawmaker Lee Su-jin of the Democratic Party, Kim Young-chun, former Minister of Oceans and Fisheries, and a person surnamed Kim who was a former preliminary candidate for the National Assembly.
The Lime fund scandal is a case in which Lime Asset Management, a private equity fund manager that once managed about 590 billion won, declared a halt to redemptions for 177 funds in Oct. 2019, causing losses of about 160 billion won to more than 4,000 investors. Kim, the former chairman, was known as the money backer and main culprit of Lime Asset Management.
On the 26th, Ki, the former lawmaker, Lee, the lawmaker, Kim, the former Minister, and the former preliminary candidate surnamed Kim were also acquitted in the first trial.
At the time, the court said, "It is difficult to find credibility because Kim Bong-hyun's statements and notebook, presented by prosecutors as key evidence, are inconsistent," and added, "There is also no material showing that the defendants received illegal campaign funds from Kim Bong-hyun and used them as political funds."
The court added, "It is difficult to rule out the possibility that, in the process of showing off his political connections, Kim Bong-hyun spoke as if he had made requests to the defendants."