English | دری

SK Group chairman imprisoned on charges of embezzlement

in International Business

SK Group chairman imprisoned on charges of embezzlement

chey wey wonEmbezzling USD 46mn of the SK Group’s fund for personal investments, the group’s Chairman is sentenced to four years in prison.

Mr Chey Tae-won was previously imprisoned in 2003 on charges of accounting fraud.

The ruling comes amid increasing calls for a tougher stance against misconduct by bosses of South Korea’s big conglomerates, also known as Chaebols.

“As the head of SK, which has a large influence on the nation’s economy, Chey Tae-won should be an example of corporate governance and transparency,” Judge Lee Won-beom said.

“But instead [he] embezzled several tens of billions of won in affiliates’ funds and tried to pass on the responsibility to the other defendants.”

However, a spokeswoman for SK Group said Mr Chey would appeal against the ruling.

“After a thorough review of the ruling, [SK] plans to take legal steps to prove [Chey’s] innocence,” the group said in a statement.

Several of South Korea’s big companies have been found guilty of skirting the law, but have managed to get away because of their power and influence.

Tags assigned to this article:

Related Articles

No miracle cure- US economy

Bucking up this recovery is harder than it was in the past IF THERE is a theme to the American

Analysts on the effects of sanctions imposed against Iran

According to a western diplomat in Iran, western experts have estimated that Iranian state would run out of foreign currency

Sluggish global economy hurting emerging economies-warns IMF’s Christine Lagarde

The global economic crisis has started to hurt growth in emerging economies warned the International Monetary Fund (IMF) head, Christine

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.