Seoul: The Supreme Court has finalized a 2 1/2-year prison sentence for Choi Shin-won, the former CEO and chairman of SK Networks Co., for embezzling approximately 56 billion won (US$40 million) from company affiliates.
According to Yonhap News Agency, Choi was indicted in 2021 on allegations of misappropriating funds from six subsidiaries. The funds, totaling around 223.5 billion won, were reportedly used under the guise of his golf course business, salaries for family and relatives, among other purposes.
Both the district and appeals courts previously sentenced Choi to 2 1/2 years in prison. The appellate court determined that he was guilty of embezzling roughly 56 billion won from the alleged 223.5 billion won. Additionally, he was found guilty of illegally exporting 2.4 billion won in foreign currency.
A significant part of the case involved the Seoul High Court's conviction of Choi for swindling SK Telesys out of 28 billion won. These funds were reportedly used for his personal recapitalization and capital gains tax payments.
Despite appeals from both Choi and the prosecution, the Supreme Court dismissed them, citing no errors in the lower court's verdict.