Booyoung chairman sentenced to 30-month prison term
Booyoung Group Chairman Lee Joong-keun was imprisoned Wednesday as a court found him guilty of embezzlement and other charges. The group is one of the country’s largest builders.
The Seoul High Court handed down two and a half years prison term, putting him behind bars immediately.
Lee was indicted on more than 10 charges in early 2018, including $370 million in misappropriation, trust of breach, and tax evasion.
Later in the year, the Seoul Central District Court sentenced the businessman five years in jail with a fine of $860,000. But he managed to spare the prison in line with the court decision to “ensure his right of legal defense.”
The upper court acquitted the 79-year-old chairman of the breach of trust charge to halve the jail term, but this time around ordered to imprison him.
“As the largest shareholder of Booyoung Group and its chairman, Lee took advantage of his position to embezzle company money in various ways,” the court said.
“In consideration of the size of damage incurred and his previous criminal records, we have no choice but to imprison him.”
The tycoon holds a 93.79 percent stake in Booyoung, which is the No. 16 conglomerate in the country with an asset of $20 billion, according to the Fair Trade Commission last May.
Lee was also imprisoned in 2004 for charges of evading taxes and making slush funds.
This article is provided by UPI News Korea. _ ED.