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IMS Mobility, Linked to 'Kim Keon-hee’s Butler,' Sees Board Changes Ahead of Trial

[비즈한국] It has been confirmed that there have been changes to the board of directors at IMS Mobility (formerly Bemycar). IMS Mobility is a car-sharing platform company that Kim Ye-sung, known as the 'butler' to First Lady Kim Keon-hee, was involved in establishing and where he served as an executive. Recently, IMS Mobility appointed a new CEO and saw the resignation of some outside directors. This is interpreted as a consequence of the difficulties in managing the company as key board members have been indicted.

On January 15, IMS Mobility appointed a person surnamed Park as its new CEO. Park is an individual who has had a past relationship with the company, having served as an auditor for IMS Mobility from April 2016 to April 2024. IMS Mobility CEO Jo Young-tak also retains his position. Consequently, IMS Mobility is currently operating under a co-CEO system with Jo and Park.

However, CEO Jo Young-tak faces realistic constraints in managing the company. This is because he was indicted last December by the Kim Keon-hee Special Counsel team (led by Special Prosecutor Min Joong-ki) on charges of embezzlement and breach of trust. At the time, the Special Counsel stated, "We have arrested and indicted CEO Jo Young-tak on charges including breach of trust involving 3.2 billion won under the Act on the Aggravated Punishment, etc. of Specific Economic Crimes, embezzlement involving 3.5 billion won under the same act, professional embezzlement, 84 million won in bribery for breach of trust, violation of the Act on External Audit of Stock Companies, and abetting the destruction of evidence." Therefore, it is expected that new CEO Park will lead the management of IMS Mobility for the time being.

Changes were also detected among the outside directors. It has been confirmed that Min Kyung-min, CEO of Oasis Equity Partners, resigned as an outside director of IMS Mobility on January 7. Oasis Equity Partners invested 18.4 billion won into IMS Mobility through the 'Oasis No. 3 JD New Technology Fund' (Oasis Fund), which was formed in June 2023. Companies that invested in the Oasis Fund include Kakao Mobility, HS Hyosung487570, Kiwoom Securities039490, Korea Securities Finance Corp., and Shinhan Bank. Some have speculated that these companies invested in IMS Mobility out of consideration for former President Yoon Suk Yeol.

During the process of indicting CEO Jo Young-tak last year, the Special Counsel also indicted CEO Min Kyung-min. Min is accused of breach of trust involving 3.2 billion won. As IMS Mobility is a non-listed company, it is not required to appoint outside directors. It is reported that there are currently no specific plans to select a successor for Min Kyung-min as an outside director.

Bizhankook attempted to contact IMS Mobility for comment but was unable to reach them.

CEOs Jo Young-tak and Min Kyung-min are currently facing trial. The first preparatory hearing for their trial was held on January 21 at the Seoul Central District Court. A preparatory hearing is a procedure to confirm the positions of the prosecution and the defendant and to organize future trial schedules before the formal trial begins. On this day, Jo's legal team argued, "The charges in this case fall outside the scope of investigation under the Special Counsel Act."

Kim Ye-sung, who was involved in the establishment of IMS Mobility, was previously indicted in August of last year on charges of embezzlement. The Special Counsel has requested a sentence of 8 years in prison and a forfeiture of 432.33 million won for Kim. The sentencing date for Kim is February 5. However, the Special Counsel has transferred the case to the National Office of Investigation under the National Police Agency without having verified any connection between First Lady Kim Keon-hee and IMS Mobility.