Presidents Friend Given Suspended Sentence
Chun Shin-il, 66, CEO of Sejoongnamo Tour and a close friend of President Lee Myung-bak, was given an eight year jail sentence suspended for two years, Friday, for manipulating stock prices. However, he was cleared of charges of lobbying to protect Park Yeon-cha, the former chairman of shoemaker Taekwang.
"Chun manipulated stock prices as the largest stakeholder and affected the stock market in a negative way by raising the possibility of damage to other investors," the Seoul Central District Court said in its ruling.
The court added that he did not gain much from the manipulation and tried to stabilize the stock price which plunged because of the international economic slump. They also took into consideration Chun's contribution to culture and sports in showing leniency.
The prosecution said they would appeal against the ruling as their view on the relationship between Chun and Park was different from that of the court.
Chun was indicted without detention last June for taking bribes to lobby the National Tax Service to halt an investigation of Park for evading 10 billion won in taxes, which eventually took place in August and November 2009.