ROK Drop

Avatar of GI KoreaBy on February 1st, 2013 at 5:10 am

South Korean Billionaire and Head of SK Group Is Headed To Prison

Maybe this time they should just leave him in jail:

Chey Tae-won

Head of SK Group, South Korea’s third-largest conglomerate by assets, Chey Tae-Won was sentenced to four years in prison on Thursday for embezzling millions of dollars of company money for personal investments. According to newspaper reports, Seoul Central District Court convicted him of embezzling $43 million. Still, it’s a small portion of his fortune; he’s worth approximately $2 billion, but $1.8 billion of that is held in the stock of one of its companies, SK C&C.

The billionaire was charged in January, at which time reports alleged that he’d grabbed that money from SK companies to cover trading losses; he had denied the charges. Chey stepped down as chairman of the conglomerate in December but stayed on as CEO of several companies. SK is apparently getting ready to appeal.

This will not be his first time behind bars. Chey, who is married to the daughter of South Korea’s former president, Roh Tae Woo, spent seven months in jail in 2003 for accounting fraud. He returned to the helm after his release and was pardoned in 2008.  [Forbes]

You can read the rest at the link, but this guy must be so radioactive now that even Lee Myung-bak couldn’t pardon him with the rest of his cronies that he pardoned earlier this week.  Considering the past statements for Park Geun-hye I think Chey is going to have a hard time getting a pardon from her.

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