Seoul: An appellate court has reduced the sentence for former Kumho Asiana Group Chairman Park Sam-koo, who was initially sentenced to 10 years in prison for embezzlement, breach of trust, and fair trade law violations. The Seoul High Court revised the sentence to 2 1/2 years in prison, suspended for four years, after acquitting Park of the most serious charges.
According to Yonhap News Agency, Park resigned as chairperson of Kumho Asiana Group and its affiliate Asiana Airlines in 2019 over controversial bookkeeping issues. He was accused of orchestrating unfair inter-affiliate transactions to regain control of group companies, violating the Monopoly Regulation and Fair Trade Act.
In 2021, Park faced charges for attempting to acquire shares in Kumho Industrial by creating a special purpose company, Kumho Buslines, where he held full ownership. The indictment included withdrawing 330 billion won (approximately US$239 million) from four affiliates to finance the reacquisition of Kumho Industrial shares from the Korea Development Bank and other creditors. Additionally, Park was accused of underselling Asiana’s shares in Kumho Terminal to Kumho Buslines.
Park was arrested in 2022 but was granted bail the following year.