First Trial of Cho Kuk's Fifth Cousin Once Removed Concludes Today... Sentencing Possible This Month

[Image source=Yonhap News]

[Asia Economy Reporter Seongpil Jo] The trial proceedings for Cho Beom-dong, the fifth cousin of former Minister of Justice Cho Kuk, regarding the 'private equity fund suspicion' case, will conclude after eight months with the sentencing hearing on the 2nd.

At the hearing held under the jurisdiction of the 24th Criminal Division of the Seoul Central District Court (Presiding Judge So Byeong-seok), the prosecution will deliver its final argument followed by sentencing recommendations. Then, the defense will present their final argument, and Cho will make his closing statement. The verdict is expected to be delivered as early as this month.

Cho was indicted and detained last October on 16 charges including violation of the Capital Markets Act, embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes, breach of trust, and evidence tampering.

Among these charges is the allegation that Cho Kuk’s family falsely reported to the Financial Services Commission that they had agreed to invest 10 billion KRW in a private equity fund.

The charges also include embezzlement of 157 million KRW from a private equity (PE) fund that Cho effectively managed through a fraudulent consulting contract, as well as concealment of documents related to the private equity fund.

In December of last year, the prosecution amended the indictment to name Jung Kyung-shim, Cho Kuk’s wife and a professor at Dongyang University, as a co-conspirator in these three charges.

During the trial, Cho admitted to some charges such as evidence tampering but claimed that too many charges were unfairly imposed on him.

At the first hearing, Cho denied nine of the 16 charges and contested the prosecution’s facts related to some of the admitted charges, maintaining his innocence.

The first trial’s conclusion regarding Cho may also influence the trial of Professor Jung.

Previously, Professor Jung appeared as a witness in Cho’s trial and refused to testify about the private equity fund suspicion, which she is accused of conspiring in, stating, "It seems related to my own indictment."

This content was produced with the assistance of AI translation services.