Hanbogroup's Jeong Hangun Sentenced to 12 Years in Second Trial for Massive Embezzlement

[Asia Economy Reporter Baek Kyunghwan] Jeong Han-geun, the fourth son of the late Jeong Tae-su, former chairman of Hanbo Group, who was prosecuted for embezzling hundreds of billions of won of company funds, was sentenced to 12 years in prison in the appellate trial.

On the 4th, the prosecution requested the court to "sentence as per the first trial's demand" at the appellate trial hearing for Jeong's charges including fleeing assets abroad, held by the Criminal Division 8 of the Seoul High Court (Presiding Judges Lee Gyunyong, Lee Seungcheol, Lee Byeonghee). Previously, the prosecution had demanded 12 years imprisonment and a fine of 40.1 billion won in the first trial.

On the day, the defense argued, "The embezzlement crime concerns who the victim is, and the victim company was actually the personal company of the defendant's father, Jeong Tae-su," appealing, "Please consider that these matters were mostly carried out under Jeong Tae-su's intention." Jeong himself, in his final statement, said, "My life in hiding was full of anguish, pain, and bitter years," and pleaded, "I earnestly ask for forgiveness and request a chance before it becomes too late as I stand at the edge of middle age."

Meanwhile, Jeong was indicted on charges including embezzling and hiding overseas about 32 billion won by fabricating that 9 million shares of a Russian oil company held by Dong-A Asia Gas (EAGC), a subsidiary of Hanbo Group in 1997, were sold for 25.2 million dollars when they were actually sold for 57.9 million dollars.

Jeong was sentenced to 7 years imprisonment and fined 40.13 billion won in the first trial.

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