Jail term for Sewol owner's son reduced to two years
By Lee Kyung-min Yoo Dae-gyunAn appeals court Friday reduced the jail term for Yoo Dae-gyun, the eldest son of the late Sewol ferry owner Yoo Byung-eun, to two years.He was sentenced to three years by a district court in November, after being convicted of embezzlement and breach of trust.The Seoul High Court upheld the convictions, but reduced the jail term.“The financial damage he incurred on companies is being recovered,” the court said. “Also, he deposited 1.3 billion won with the court and has no prior offences.”The court said he practically extorted firms owned by his father using his status as the son of the company owner.Yoo was indicted in August for embezzling 7.3 billion won ($6.7 million) from seven of its subsidiaries after charging them to pay trademark fees.“The gains he made were comparable to merely picking fruit from a tree, rather than putting hours of effort to growing the tree,” the court said.Yoo’s family members and key officials of the company have been indicted on a series of charges, including breach of tru
