7 years and 9 months after indictment
All breach of trust charges acquitted
Only embezzlement of 1.6 billion won recognized as guilty,
Hyosung Chairman Cho Hyun-joon. Newsis,
, ‘Hyosung Group Chairman Cho Hyun-joon (aged 57), who was indicted for embezzling 1.6 billion won of company funds, has received a suspended sentence. This comes 7 years and 9 months after being brought to trial in January 2018.’,
,
, ‘The Supreme Court’s first division (with Justice No Tae-ak presiding) confirmed on the 16th that only the embezzlement charge was recognized as guilty for Cho, who was indicted without detention on charges including embezzlement and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes, thereby upholding the original court’s sentence of 2 years in prison, suspended for 3 years.’,
,
, ‘The Supreme Court ruled that there was no fault with the original judgment, which found Cho not guilty of all breach of trust charges related to art pieces and recognized only the embezzlement of 1.6 billion won as guilty. It dismissed both Cho’s and the prosecution’s appeals.’,
,
, ‘Chairman Cho was indicted in January 2018 for causing a loss of 17.9 billion won by arranging for Galaxy Electronics, a personal company where he is the major shareholder, to conduct a capital reduction and buy back its own shares in July 2013 to raise funds for repurchasing stocks.’,
,
, ‘Cho was also charged with earning a profit of 1.2 billion won by having Hyosung’s “art fund” purchase 38 art pieces he had bought with personal funds in 2008–2009 at inflated prices.’,
,
, ‘Furthermore, he was charged with disguising the hiring of his close associate Mr. Han and acquaintances from 2002 to 2012, paying them fake salaries totaling 1.6 billion won.’,
,
, ‘However, the appellate court determined that all charges of breach of trust related to the art pieces were not guilty and recognized only the part involving the embezzlement of 1.6 billion won as guilty.\n’