Story thread · 2 reports / 2 sources

Top court finalizes suspended prison term for Hyosung vice chief after 12-year legal battle

koreatimes.co.kr · 5dShare

The Supreme Court on Thursday finalized a suspended prison term of 2 1/2 years for Hyosung Group Vice Chairman Lee Sang-woon, concluding a lengthy corruption case that began over a decade ago. Lee was indicted in 2014 alongside the group's late former Chairman Cho Seok-rae on charges of evading 123.7 billion won ($92.5 million) in corporate taxes through a 501 billion-won accounting fraud scheme and avoiding 11 billion won in capital gains tax via stock trading under a borrowed name. They were also accused of siphoning off 69.8 billion won from an overseas Hyosung subsidiary through a Hong Kong paper company and inflicting a 23.3 billion-won loss on the firm by writing off the paper company's debt using funds from a Singaporean subsidiary. In the first and second instances, Lee was sentenced to 2 1/2 years in prison, suspended for four years. During the first Supreme Court ruling in December 2020, part of the case was sent back for a retrial and the appellate court maintained the suspe

First report: Top court finalizes suspended prison term for Hyosung vice chief after 12-yr legal battle — en.yna.co.kr, 5d