Seoul, May 8 (IANS) The Supreme Court on Friday upheld a two-year prison sentence for Hankook & Company Chairman Cho Hyun-bum for misappropriating and embezzling company funds.
The top court confirmed an appellate court ruling that found Cho guilty of breach of trust and embezzling about 2 billion won (US$1.36 million), dismissing appeals by both Cho and the prosecution, reports Yonhap news agency.
The appellate court had ruled that Cho used corporate cards for personal use, made the company chauffer a personal aide to his wife, and bought vehicles under the name of affiliate companies.
Prosecutors had accused Cho of misappropriating and embezzling funds in the range of 20 billion won.
The appellate court had reduced Cho’s prison sentence from three years after overturning a lower court’s guilty verdict on charges of lending 5 billion won from MKT, an affiliate company, to an auto parts company despite being aware of its poor financial status.
Meanwhile, South Korean stocks extended their winning streak to a fourth session on Friday, reversing an earlier loss amid renewed Middle East tensions. The local currency dropped sharply against the US dollar.
After opening 1.82 percent lower, the benchmark Korea Composite Stock Price Index (KOSPI) finished at a fresh high of 7,498 points, up 7.95 points, or 0.11 percent.
Trade volume was heavy at 518.3 million shares worth 40 trillion won (US$27.2 billion), with losers outnumbering winners 500 to 367.
Institutions and individuals scooped up a net 1.5 trillion won and 4 trillion won, respectively, nearly offsetting foreign net selling worth 5.6 trillion won.
The index had been on a record-breaking rally over the recent three sessions driven by strong gains in chips related to artificial intelligence (AI) and optimism for a U.S.-Iran peace deal in the Middle East.
–IANS
na/
