Former Kumho Asiana Group Chairman Park Sam-koo was sentenced to 10 years in prison in the first trial, charged with unfair support for affiliates and embezzlement and breach of trust worth hundreds of billions of won.
Criminal Settlement Section 24 of the Seoul Central District Court sentenced former Chairman Park to 10 years in prison and arrested him on charges of embezzlement and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes and Violation of the Fair Trade Act.
It is the same sentence that the prosecution had previously requested at the decision trial.
Prosecutors indicted former chairman Park in May last year of committing an illegal act to create a special purpose corporation, Kumho Corporation, to acquire Kumho Industrial, the group holding company and the parent company of Asiana Airlines.
At the end of 2015, former chairman Park was accused of withdrawing 330 billion won from four affiliates, including Kumho Terminal, and using it to purchase Kumho Industrial stock.
In April 2016, he was also accused of selling 100% of Kumho Terminal stock owned by Asiana Airlines at a low price to Kumho Enterprises, and mobilizing nine affiliates to lend KRW 130.6 billion to Kumho Corporation at low interest rates without collateral.
(Photo = Yonhap News)