A relative of Chairman Kim Young-hong (age 49, wanted by police), named as the financier of Lime Asset Management involved in a massive financial scandal, was arrested in the Philippines on May 16.
According to Dong-A Ilbo reports on Tuesday, the Gangnam Police Station confirmed the arrest of Kim, who was charged of escaping as a suspect, and requested to be summoned. “A team consisted of eight from the Immigration office of the Philippines and the local police arrested Kim on the evening of May 16,” said a local source from the Philippines.
Kim, the president of the Jeju headquarters of real estate developer Metropolitan which received 250 billion won in investment from Lime Fund, faces charges of running online casinos by brokering casinos from the Philippines to South Korea, distributing annual profits to Kim Young-hong. The police are planning to interrogate Kim to identify Chairman Kim’s whereabouts upon his arrival to Korea.
Chairman Kim has been suspected as one of the key figures behind the investment scandal, missing for more than two years since escaping to the Philippines in October 2019. Kim is faced with charges of hiding Lime Fund Investments’ funds of 250 billion won through Metropolitan, which are owned by Kim. Some say that the funds were embezzled to political circles. The police have obtained a voice recording of 17 minutes, which feature Kim giving orders to his relative and other employees in the Philippines regarding casino operation and payout.