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[Alpha Biz=(Chicago) Reporter Kim Jisun] Prosecutors also sought a 10-year prison term for former Kumho Asiana Group Chairman Park Sam-koo (photo), who was put on trial for allegedly mobilizing group affiliates to illegally support private companies and embezzling company money.
The prosecution asked the court, which was held at the Seoul High Court's Criminal Affairs Department 2 (The senior judge Lee Won-beom) on the 21st, at an appellate court hearing on the case of Park's alleged violation of the Fair Trade Act and embezzlement and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes. The sentence will take place on January 25 next year. Three former executives, including the former chief and executive director of the group's management strategy office, were sentenced to three to five years in prison, and a fine of 200 million won for the Kumho E&C corporation accused of violating the Fair Trade Act.
Former chairman Park and others were arrested and indicted in May 2021 on charges of committing various illegal activities, including embezzling funds from affiliates to rebuild the group and restore management rights.
Specifically, he is suspected of taking out 330 billion won in funds from four affiliates, including Kumho Terminal, in December 2015 and using it for the acquisition of Kumho Industrial shares held by creditors, including the Korea Development Bank, and selling 100% of Kumho Terminal shares held by Asiana Airlines to Kumho Company at a low price in April of the following year. It is also suspected of selling Asiana Airlines' in-flight meal exclusive business rights to the Swiss Gate Group at a low price in December 2016, and in exchange for Gate Group to acquire 160 billion won worth of bond with warrant (BW) without interest in return.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
