Hanwha Chairman Gets Four Years in Jail for Embezzlement
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Hanwha Group Chairman Kim Seung Youn was sentenced to four years in jail and fined 5.1 billion won ($4.5 million) for embezzlement amid a presidential election campaign that’s increasing scrutiny of South Korean executives.
A three-judge panel in the Seoul Western District Court found that Kim used funds from the nation’s 10th-largest industrial group to pay the debts of private firms owned under false names. The 60-year-old, who was granted a presidential pardon in 2008 after striking a man with a steel pipe and threatening others with an electric shock device, plans to appeal against today’s ruling.