'Unfair Support to Affiliates' Former Kumho Chairman Park Sam-gu's First Trial on June 11

[Asia Economy Reporter Jang Hyowon] The first trial of former Kumho Asiana Group Chairman Park Sam-gu, who was indicted on charges of embezzlement and breach of trust involving affiliate funds, will be held on June 11.

[Image source=Yonhap News]

On the 27th, the Seoul Central District Court Criminal Division 24 (Presiding Judge Jo Yongrae) announced that it will open a preparatory hearing for the trial of former Chairman Park, who was detained and indicted next month on charges including violation of the Act on the Aggravated Punishment of Specific Economic Crimes (embezzlement).

Former Chairman Park is accused of withdrawing 330 billion won from four affiliates, including Kumho Terminal, at the end of 2015 and using the funds to pay for the acquisition of Kumho Industrial shares held by creditors such as the Korea Development Bank. The prosecution believes that Park embezzled affiliate funds to regain management control.

He is also charged with selling 100% of Kumho Terminal shares held by Asiana Airlines to Kumho Enterprise at a low price in April 2016, and unjustly supporting Kumho Enterprise with 130.6 billion won at low interest without collateral by mobilizing nine affiliates including Asiana Airlines until April of the following year.

Additionally, former Chairman Park is accused of selling the exclusive in-flight meal service rights of Asiana Airlines to the Swiss Gate Group at a low price of 133.3 billion won.

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