Court upholds three-year jail term for Hyosung honorary chairman
Hyosung Group Honorary Chairman Cho Seok-rae and current Chairman Cho Hyun-joon walk out of the Seoul High Court in southern Seoul, Wednesday. Yonhap
By Jung Min-ho
A Seoul appellate court on Monday upheld a lower court's three-year prison sentence for Hyosung Group Honorary Chairman Cho Seok-rae for evading taxes, among other crimes.
The Seoul High Court also ordered Cho, 82, to pay a fine of 135.2 billion won ($120 million). In January 2016, the Seoul Central District Court fined him 136.5 billion won.
The prosecution indicted him in 2014 on charges of misappropriating nearly 800 billion won in company assets through embezzlement, accounting fraud and tax evasion for almost 10 years from 2003.
For Cho Hyun-joon, his son and the group's current chairman, the court confirmed the lower court's 18-month suspended prison sentence for embezzling 1.6 billion won.