[David Ignatius] Three unsung heroes in the Middle East

Prosecutors demand 4-year term for SK chairman

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Published : 2012-11-22 19:58
Updated : 2012-11-22 19:58

The prosecution on Thursday sought a four-year jail term for SK Group chairman Chey Tae-won for misappropriating group affiliates’ funds worth 50 billion won ($46.1 million).

It also demanded a five-year term for his younger brother Jae-won on the same charges during the court hearing at the Seoul Central District Court.

The two brothers are suspected of having colluded to embezzle part of the 280 billion won fund earmarked by 18 SK affiliates for investment purposes. Prosecutors suspected they misappropriated the money to offset losses from the chairman’s investments in stock futures.