'Embezzlement and Breach of Trust' Lee Joong-geun, Chairman of Booyoung, Sentenced to 2 Years and 6 Months in Prison (Update)

[Asia Economy Reporter Baek Kyunghwan] The Supreme Court has finalized a prison sentence of 2 years and 6 months for Lee Jung-geun, chairman of Booyoung Group, who was tried on charges including embezzlement involving billions of won.

The Supreme Court's 2nd Division (Presiding Justice Kim Sang-hwan) confirmed on the morning of the 27th the original ruling sentencing Chairman Lee to 2 years and 6 months in prison for violating the Act on the Aggravated Punishment of Specific Economic Crimes (embezzlement) and other charges.

Chairman Lee was indicted in 2004 on charges of embezzling 27 billion won of company funds. At that time, he declared that he would return 2.4 million shares of Booyoung stock and national housing bonds worth 18.8 billion won to the company, but after being released on probation, he reportedly converted shares worth approximately 145 billion won into his name and paid personal taxes. He was also accused of improperly supporting insolvent affiliates owned by his family with 230 billion won and inflating the sale price during the conversion process of public rental apartments, causing financial damage to low-income citizens. Additionally, he was charged with double-paying retirement benefits of 18.8 billion won to his brother-in-law and embezzling 15.5 billion won of affiliate funds through a company under his wife's name.

The first trial court recognized only 36.57 billion won of embezzlement and 15.6 billion won of breach of trust as guilty among the billions of won in embezzlement and breach of trust charges, sentencing 2 years in prison for breach of trust and 3 years in prison with a 10 million won fine for the remaining charges. Considering Chairman Lee's age and health condition, the court also accepted his bail request. However, the second trial partially overturned this. It acquitted the breach of trust charges that were guilty in the first trial and sentenced him to 2 years and 6 months in prison with a 10 million won fine for the remaining guilty charges, revoked his bail, and detained him in court.

Both Chairman Lee and the prosecution appealed, but the Supreme Court confirmed the original ruling recognizing guilt or innocence on charges of embezzlement or breach of trust, obstruction of official duties by deception, and bid rigging.

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