'Private Equity Fund Suspicion' Jo Beom-dong, Cousin of Cho Kuk, Sentenced to 4 Years in Second Trial with Additional Fine

[Asia Economy Reporter Baek Kyunghwan] Cho Beom-dong, the fifth cousin of former Minister of Justice Cho Kuk and a key figure in the private equity fund allegations involving Cho Kuk's family, was sentenced to four years in prison in the appellate court as well.

On the 29th, the 11th Criminal Division of the Seoul High Court (Presiding Judges Gu Jaheon, Kim Bongwon, and Lee Eunhye) sentenced Cho Beom-dong, who was indicted on charges including embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes, to four years in prison and a fine of 50 million won. Previously, the prosecution had requested six years in prison and a fine of 50 million won during the appellate trial's closing arguments.

Cho was indicted twice on charges of committing various crimes while effectively operating the asset management company Coring Private Equity (Coring PE).

Meanwhile, the first trial recognized Cho's guilt on charges including embezzlement and breach of trust amounting to 7.26 billion won, related to Coring PE's no-capital mergers and acquisitions of the KOSDAQ-listed company WFM in 2017-2018, aiming for profits through stock price manipulation and diverting company assets.

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