Former Vice President Lee Jong-pil, who embezzled 30 billion won from the Lime Fund, sentenced to 10 years in prison in first trial

6 trillion won redemption suspension crisis, received a heavy sentence in the first trial. On the 28th, the 15th Criminal Division of the Seoul Southern District Court (Presiding Judge No Yu-kyung) sentenced former Vice President Lee to 10 years in prison for violating the Act on Aggravated Punishment of Specific Economic Crimes, among other charges. Former executives of the real estate developer Metropolitan Group, identified as Mr.
Chae and Mr. Park, who were indicted along with him, were sentenced to 7 years and 6 years in prison, respectively. 23 billion won from Mr.
73 billion won from Mr. Park. Former Lime Asset Management executive Mr.
Kim was sentenced to 3 years in prison, suspended for 5 years. Mr. Chae and Mr.
Park, who had been standing trial on bail, were taken back into custody after their bail was revoked. Former Vice President Lee and others were indicted on charges of embezzling 30 billion won in fund money by deceiving Lime Asset Management around December 2018 into believing that funds were being injected into Metropolitan Group's legitimate business. According to the prosecution, the investigation revealed that the defendants concealed the fact that former Vice President Lee and former Metropolitan Chairman Kim Young-hong planned to personally acquire the Isla Casino in Cebu, Philippines, where illegal online gambling facilities were installed, and submitted investment screening materials to the Lime Asset Management Risk Management Committee that distorted casino revenue and operating profit.
The court, in particular, determined that former Vice President Lee, as the Chief Operating Officer of Lime Asset Management, exercised significant influence and oversaw the crime. The court stated, "The defendants, who are engaged in the financial industry, bear heavy culpability for deceiving an asset management company and embezzling 30 billion won in investment funds to satisfy their selfish greed," adding, "Lime Asset Management and The court pointed out that "the social harm caused by Metropolitan's bankruptcy is significant, and it is difficult to find any effort made to compensate for the damages.
" Furthermore, regarding former Vice President Lee and Mr. Chae, the court reprimanded them, stating, "During the trial, they were more focused on making excuses than showing remorse," and added, "It is doubtful whether they even have any sense of guilt toward the victims.
" The court also found Mr. Chae and Mr.
Park guilty of embezzling company funds, including receiving fictitious salaries while operating the Paju Provence corporation. However, the court ruled them not guilty of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes, which alleged that they defrauded Lime Asset Management of 21 billion won in fund money by using false financial data to acquire the corporation for personal gain.
This was because the submitted evidence was insufficient to prove that the fund money was disbursed as investment review committee members fell into error due to their deception or conspiracy. Former Vice President Lee was acquitted of the charge of demanding that Mr.
Chae retract his testimony and commit perjury while he was on trial for another Lime case. The court ruled that former Vice President Lee’s letters and conversation content could not be used as evidence because they lacked an objective connection to the alleged facts listed in the search warrant at the time.
8 billion won confirmed by the Supreme Court in 2022 on charges including bribery and breach of trust under the Act on Aggravated Punishment of Specific Economic Crimes in connection with the Lime scandal. He was additionally indicted in this case in April 2024 while serving his sentence.
6 trillion won in October 2019.
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