Jokuk's 5th Cousin Sentenced to 4 Years in Prison... "No Evidence of Collusion with Political Power" (2nd Report)

Former Minister of Justice Cho Kuk's fifth cousin Jo Beom-dong, who was indicted on suspicions of private equity fund involvement [Image source=Yonhap News]

[Asia Economy Reporter Seongpil Jo] Jo Beom-dong (37), the fifth cousin of former Minister of Justice Cho Kuk, who was indicted on private equity fund allegations, was sentenced to four years in prison in the first trial.

This is the first judicial ruling on the family of former Minister Cho, coming 10 months after the prosecution launched a forced investigation in August last year.

The Seoul Central District Court Criminal Division 24 (Presiding Judge So Byeong-seok) sentenced Jo, who was detained and indicted on charges including violation of the Capital Markets Act, embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes, and breach of trust, to four years in prison and a fine of 50 million won on the 30th.

The court stated, "The prosecution filed the indictment from the perspective that the defendant colluded with political power, but sufficient legal grounds for this part were not confirmed," adding, "However, the defendant repeatedly committed crimes such as raising funds through fraudulent methods during the process of acquiring companies without capital."

Jo was brought to trial in October last year on charges including effectively operating the private equity fund management company Coring Private Equity (Coring PE), acquiring KOSDAQ-listed companies without capital, and attempting to boost stock prices through false disclosures.

He is also accused of embezzling approximately 7.2 billion won of corporate funds invested by Coring PE's private equity funds, including WFM and Wells CNT.

After former Minister Cho was nominated as Minister of Justice in August last year, amid successive allegations related to Professor Jeong Gyeong-sim's private equity fund, Jo is also charged with destroying and concealing related materials.

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