Park Sam-gu Apologizes to the Public, Not Affiliated Companies, at First Trial... "It Is Devastating"

Former Kumho Asiana Group Chairman Park Sam-gu, who is suspected of unfair support to affiliates, is attending the warrant hearing held at the Seoul Central District Court in Seocho-gu, Seoul on the 12th. Photo by Kang Jin-hyung aymsdream@

[Asia Economy Reporter Seongpil Cho] Former Kumho Asiana Group Chairman Park Sam-gu, who was indicted and detained on charges of unfair support to affiliates, appeared at his first trial and expressed his "deep sorrow."

At the first hearing held on the 9th at the Seoul Central District Court Criminal Division 24 (Presiding Judge Jo Yong-rae), Park, given the opportunity to speak, said, "I feel very heavy-hearted that even the executives who devoted themselves wholeheartedly to Kumho Group are now standing trial together in this courtroom." He also said, "I bow my head and apologize to the public for causing social unrest," but added, "I have no way to express my regret at being tried on the grounds of causing damage to Asiana Airlines and its affiliates, which were like my own body and soul." Park's defense attorney denied the charges, stating, "Park personally invested more than 30 billion won into the company, but the prosecution claims that he caused harm to affiliates for personal gain."

Park is accused of withdrawing 330 billion won from four affiliates, including Kumho Terminal, in 2015 and using it to pay for the acquisition of Kumho Industrial shares held by creditors such as the Korea Development Bank. He is also charged with unfairly supporting Kumho Enterprise by selling 100% of Kumho Terminal shares owned by Asiana Airlines to Kumho Enterprise at a low price in April 2016, and by mobilizing nine affiliates, including Asiana Airlines, to provide Kumho Enterprise with 130.6 billion won in unsecured loans at low interest rates until April of the following year.

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