'250 Billion Embezzlement Allegation' Yu Hyuk-gi's Detention Period Extended

The detention period of Yoo Hyuk-gi (50), the second son of former Semo Group chairman Yoo Byung-eun (deceased in 2014), who is accused of embezzlement amounting to around 25 billion won, has been extended by ten days.

According to the legal community on the 14th, the Criminal Division 6 of Incheon District Prosecutors' Office (Chief Prosecutor Son Sang-wook) extended Yoo's detention period on charges of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes. Recently, the court accepted the prosecution's extension request, extending Yoo's detention, which was set to expire the previous day, until the 23rd.

Yoo is accused of conspiring with representatives of affiliated companies close to his father to embezzle a total of 25 billion won under the pretext of consulting fees and other expenses, transferring the money to personal accounts or overseas corporations. Earlier, the special investigation team of Incheon District Prosecutors' Office identified the Yoo family as the de facto controlling shareholders of the shipping company Cheonghaejin Marine shortly after the Sewol ferry disaster in 2014 and conducted a large-scale investigation into management corruption.

The prosecution judged Yoo as the "management successor" of his father, former chairman Yoo, and requested extradition from the United States. Recently, nine years after the Sewol ferry disaster, he was forcibly repatriated from the U.S.

Meanwhile, the Incheon District Court rejected Yoo's request for a detention review on the 8th, claiming "illegality in the execution of the prosecution's arrest warrant." Yoo has raised issues regarding the legality of the execution of the arrest warrant on the plane, arguing that the tax evasion charge cited in the warrant is not included among crimes for which extradition is permitted.

The second son of Yoo Byung-eon, former chairman of the Semo Group (deceased in 2014), Yoo Hyuk-gi, arrived in South Korea through Incheon International Airport on the morning of the 4th, nine years after the Sewol ferry disaster, and is being escorted to the Incheon District Prosecutors' Office. 2023.8.4
Photo by Yonhap News

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