SK Group chairman sentenced to 4 yrs in prison for embezzlement
Published : 2013-01-31 15:47
Updated : 2013-01-31 15:47
SK Group Chairman Chey Tae-won was sentenced to fours years in prison on Thursday for embezzling a massive amount of company funds for personal stock investments.
The 53-year-old disgraced tycoon was imprisoned immediately after the Seoul Central District Court handed down the ruling.
Chey was found guilty of embezzling 49.7 billion won (US$44.5million) from two SK Group affiliates and funneling the funds into a firm headed by a former executive at SK's telecommunications unit for investments in stock futures and options in 2008. (Yonhap News)