A Man in His 40s Embezzled Company Funds Worth 9 Billion Won... Sentence Increased in Appeal Trial

Prison Sentence Increased from 8 to 10 Years
Court: "False Statements to Conceal Crime... Malicious Method"

The sentence of a man in his 40s who embezzled company funds worth around 9 billion won to live a luxurious life was increased in the appellate court.

[Asia Economy Reporter Yoon Seul-gi] A man in his 40s who embezzled over 9 billion won of company funds over more than 20 years to live a luxurious life was sentenced to a heavier punishment in the appellate court.

The Criminal Division 1 of the Ulsan Branch of the Busan High Court (Presiding Judge Park Hae-bin) announced on the 18th that it overturned the original sentence of 8 years in prison for A, a man in his 40s, who was tried on charges of embezzlement in the course of business, and sentenced him to 10 years in prison.

The court stated the sentencing reasons, saying, "The method was malicious, such as recording false transaction details in bank accounts to conceal the crime," and "considering that he returned 1.5 billion won after the investigation began."

A, who worked as the head of funds management at two large corporation partner companies from 1998 to 2018, was indicted on charges of embezzling approximately 9.45 billion won of company money in about 2,300 instances over more than 20 years.

It is known that A committed the crime by paying company client fees with his own bank account and credit card or by paying insurance premiums and taxes in advance, then transferring more money than the actual amount spent to his own account when replenishing company funds.

Investigations revealed that A used the embezzled money to purchase cars and luxury goods and to travel abroad.

Due to A’s crimes, employees did not receive their salaries, and one of the companies eventually went out of business.

Meanwhile, after the first trial verdict, A appealed, arguing that he could not be considered to have embezzled the entire amount claimed by the prosecution, but during the appellate process, additional embezzlement amounts were revealed.

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