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Special counsel investigates Kim Keon Hee's ties to IMS Mobility amid financial misconduct allegations

Published: 11 Jul. 2025, 17:14

Former first lady Kim Keon Hee walks into Acrovista, the apartment complex to which she and former President Yoon Suk Yeol moved to following Yoon's impeachment, on April 11. [JOINT PRESS CORPS]

A special counsel investigation is zeroing in on the former first lady Kim Keon Hee's alleged connection to a little-known tech firm, raising suspicions of influence peddling and covert financial gains.

The special counsel team investigating Kim Keon Hee, led by Special Prosecutor Min Joong-ki, is expanding its probe into IMS Mobility, formerly known as BeMyCar, a company allegedly linked to Kim Ye-seong, an associate of the former first lady.

Kim Ye-seong was convicted for his involvement in forging a bank balance certificate for Kim Keon Hee’s mother, Choi Eun-soon, earning him the moniker of "Kim Keon Hee's butler."

IMS Mobility reportedly received a total of 18.4 billion won ($13.3 million) in investments from firms Kakao Mobility, HS Hyosung and Korea Securities Finance Corporation. Investigators found that about half of that sum — roughly 9.2 billion won — was spent on "outsourced services," raising suspicions of potential financial misconduct.

The company, however, claims the transactions were internal and no funds left the corporate group.

Kim Keon Hee, wife of Former President Yoon Suk Yeol, waits in line to vote at a voting booth in Seocho District, southern Seoul, on June 3. [NEWS1]

From zero to 9.2 billion

IMS Mobility recorded 9.2 billion won in outsourcing expenses in 2023, according to JoongAng Ilbo’s investigation as of Thursday. That figure was a mere 200 million won in 2021 and zero in 2022. The company’s audit report shows total operating costs for 2023, including wages, rent and commissions, amounted to 57.5 billion won.

The year 2023 was also when IMS Mobility secured 18.4 billion won in investments. The sudden spike in outsourcing costs after the capital injection raised suspicions within the special counsel team. The special counsel suspects Kim Ye-seong may have profited not only by selling shares during the investment round but also by routing funds through outsourced services.

“Based on the financial statements at the time, it was hard to believe these were ordinary outsourcing transactions,” said a capital market insider, speaking on condition of anonymity.

In January 2023, just before receiving the investments, IMS Mobility’s assets totaled 55.6 billion won while its liabilities stood at 141.4 billion won — effectively in a state of capital impairment.

Kim Keon Hee, wife of former president Yoon Suk Yeol, leaves the official residence in Hannam-dong in Yongsan District, central Seoul, on April 11. [YONHAP]

Big tech in the crosshairs

Kakao Mobility invested 3 billion won and HS Hyosung injected 3.5 billion won into IMS Mobility through four subsidiaries. At the time, Kakao Mobility was under scrutiny by the Financial Supervisory Service and Korea Fair Trade Commission for accounting fraud and collusion.

The special counsel team suspects the investments may have been a way to curry favor with the former first lady. The former first lady herself once served as an executive at BeMyCar, IMS Mobility’s predecessor.

Kim Ye-seong reportedly earned 4.6 billion won by selling his shares following the investment. He served as an auditor at Covana Contents, a company linked to Kim Keon Hee.

The prosecution requested search warrants for IMS Mobility and its affiliates on Monday, citing the possibility that Kim Keon Hee may have had undisclosed shares in the company and profited through them. However, the court denied the requests, ruling the case fell outside the scope of the special counsel’s mandate.

“We have worked with IMS Mobility since 2021 in the car rental brokerage business,” said Kakao Mobility. “The investment was a business decision made as our partnership deepened.”

“We followed due diligence and found the business model promising,” said HS Hyosung.

Kim Keon Hee, left, wife of former President Yoon Suk Yeol, right, line up to vote for the presidential election on June 3. [NEWS1]

Companies deny political motives

IMS Mobility previously explained that the 9.2 billion won in outsourced service fees in 2023 was “probably accounted for as labor costs for affiliated company employees during the development of an online platform related to the rental car business,” and added, “At the peak of development, we were spending up to 900 million won per month.”

“Some of the fees may have been recorded as repayments of inter-affiliate loans,” said the company. “These were internal transactions, and no money was leaked outside.”

“Kim Ye-seong left the company in 2021,” IMS Mobility said, regarding the allegations of corporate favoritism. “We hope the special counsel’s investigation will clear up political misunderstandings.”

IMS Mobility flipped their original statement on Friday that the 9.2 billion won included delivery fees for transporting used cars nationwide.

“We paid 60,000 to 70,000 won per delivery,” the company said, adding the absence of outsourcing costs in earlier years was due to different accounting practices before consolidated financial statements were introduced.

First lady Kim Keon-hee views a Korean fashion exhibition at the Korean Cultural Center in Madrid in 2022. [JOINT PRESS CORPS]

Probe to continue despite setback

With the court rejecting its search warrants, the special counsel will continue its probe through voluntary cooperation. The plan to expand the investigation through large-scale raids has shifted to a strategy focused on summoning individuals for questioning, making it more difficult to secure records.

“We are comprehensively reviewing whether to reapply for the warrants,” said a special counsel official. “We are also considering filing new warrant requests.”

Translated from the JoongAng Ilbo using generative AI and edited by Korea JoongAng Daily staff.
BY JEONG JIN-HO, JEONG JIN-WOO, LEE CHAN-KYU [[email protected]]