Solar Power Construction Loan of 19 Billion KRW with False Documents... Construction Company CEO Sentenced to Prison
The CEO of a construction company who inflated construction costs to secure a loan of 19 billion won for a solar power plant construction project was sentenced to prison.
The Seoul Northern District Court Criminal Division 13 (Presiding Judge Lee Tae-woong) sentenced Jeong Mo (33), who was indicted on charges including fraud under the Act on the Aggravated Punishment of Specific Crimes, to 3 years and 6 months in prison on the 14th.
Jeong was charged with submitting contracts and tax invoices inflated beyond the actual construction costs to financial institutions about 140 times from July 2019 to February last year, receiving loans totaling approximately 19 billion won. It was also investigated that Jeong evaded value-added tax amounting to 6.9 billion won through false tax invoices.
Hot Picks Today
"Stocks Are Not Taxed, but Annual Crypto Gains Over 2.5 Million Won to Be Taxed Next Year... Investors Push Back"
- "Don't Throw Away Coffee Grounds" Transformed into 'High-Grade Fuel' in Just 90 Seconds [Reading Science]
- "Withdrew 1.2 Billion Won from Husband's Account Just Before Death"...Remarried Wife Receives Suspended Prison Sentence
- "Groups of 5 or More Now Restricted"... Unrelenting Running Craze Leaves Citizens and Police Exhausted
- "Even With a 90 Million Won Salary and Bonuses, It Doesn’t Feel Like Much"... A Latecomer Rookie Who Beat 70 to 1 Odds [Scientists Are Disappearing] ③
The court stated, "The defendant actively participated in preparing loan documents while operating the solar power plant construction company and easily concluded construction contracts to gain indirect benefits. This obstructs the transparent execution of public funds and disrupts the tax order, causing significant social harm," explaining the sentencing rationale.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
