Seoul: The Supreme Court has upheld a suspended prison sentence for Hyosung Group Chairman Cho Hyun-joon, marking a significant development in a legal battle that has spanned over seven years. Cho was initially indicted in January 2018 on charges including embezzlement and incurring significant financial losses for a Hyosung subsidiary.

According to Yonhap News Agency, Cho faced allegations of causing losses of 17.9 billion won (approximately US$12.6 million) and generating illicit profits of 1.2 billion won through art transactions. Additionally, he was accused of disbursing 1.6 billion won in salaries to non-existent employees. In 2019, a district court sentenced Cho to two years in prison. However, the Seoul High Court later altered this decision, granting a suspended sentence after acquitting him of most charges, except for the embezzlement of 1.6 billion won.

The Supreme Court’s decision to approve the appellate court’s ruling means Cho will serve a two-year prison sentence, suspended for three years. The court concluded that there was no error or misunderstanding of legal principles in the lower court’s decision.