Leadcorp chief jailed for taking kickbacks
Leadcorp Chairman Seo Hong-min / Screen captured from MBC
By Lee Han-soo
Chief of private lender Leadcorp was convicted of illegal kickback.
The Supreme Court has upheld a guilty verdict against Leadcorp Chairman Seo Hong-min, sentencing him to two years’ jail and fining him 1.4 billion won ($1.2 million).
Seo, 52, was indicted for receiving 1.4 billion won in kickbacks from two advertising agencies between July 2009 and Feb. 2016. In return, the agencies secured lucrative deals to produce the lender’s commercials.
“We found no legal fault with the ruling from an appellate court,” the top court said in its ruling statement. “Therefore, a guilty verdict against the accused was justified.