Prosecution Seeks 12-Year Prison Sentence for Hanbo's Jeong Tae-su's Fourth Son Jeong Han-geun

by Choi Sukjin

Published 18 Mar.2020 18:45(KST)

The fourth son of the late Jeong Tae-su, former chairman of Hanbo Group, Jeong Han-geun

[Asia Economy Reporter Choi Seok-jin] The prosecution has demanded a heavy sentence for Jeong Han-geun, the fourth son of the late Jeong Tae-su, former chairman of Hanbo Group, who was arrested and brought to trial after 21 years on the run abroad.

On the 18th, at the sentencing hearing of Jeong’s case involving violations of the Act on the Aggravated Punishment of Specific Economic Crimes, held before the 32nd Criminal Division of the Seoul Central District Court (Presiding Judge Yoon Jong-seop), the prosecution requested a 12-year prison sentence. Additionally, the prosecution asked the court to confiscate approximately 40.1 billion won.

The prosecution pointed out, “At the time of the Hanbo incident, when South Korea was seeking help from the IMF, the defendant embezzled tens of millions of dollars with the intent to harm creditors after 6 million shares were provided as collateral or seized by financial institutions and the National Tax Service.”

In his final statement, Jeong tearfully said, “Due to my foolish judgment, I lived a life of indefinite escape. I earnestly wished to return to my homeland while fighting through pain.”

He added, “I want to pay for my sins, return to my family, live diligently, and contribute to my family and society.”

Jeong was indicted on charges of embezzling and hiding overseas about 32 billion won by fabricating a sale of 9 million shares of a Russian oil company held by Dong-A Asia Gas, a Hanbo Group subsidiary, as having been sold for 25.2 million dollars, when in fact they were sold for 57.9 million dollars in 1997.

He was also charged with violating the Foreign Exchange Transactions Act for illegally transferring money abroad without government permission.

However, the prosecution accepted Jeong’s claim that about 6 billion won was embezzled by accomplices without his knowledge and excluded that amount from the charges.

Meanwhile, Jeong fled overseas in 1988 while under investigation by the prosecution and was extradited to South Korea last June through joint investigations with the United States, Ecuador, and others after 21 years on the run.