Saturday, June 19, 2021

South Korea’s ex-prosecutor jailed for taking bribes linked to Lime Asset Management fraud scandal

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A former senior prosecutor was sentenced to three years in prison Friday for taking bribes in connection with a financial fraud scandal involving Lime Asset Management.

The Seoul Southern District Court convicted Yun Gap-geun, former chief of the Daegu High Prosecutors Office, of accepting bribes through good offices.

He was indicted for accepting about 220 million won ($196,250) in kickbacks from Lee Jong-pil, former vice president of the hedge fund, and the chairman of Metropolitan Group, a real estate developer funded by Lime, in 2019.

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They allegedly requested Yun, then a lawyer and an opposition party official, use his influence and persuade the chief executive of Woori Bank to resume sale of Lime funds.

Lime was investigated over its alleged cover-up of massive losses and subsequent suspension of fund redemption worth an estimated 1.6 trillion won.

The case has developed into a high-profile lobbying scandal, in which former and incumbent government officials and politicians are embroiled.

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