Seoul
The Supreme Court of South Korea has upheld a two-year prison sentence for Cho Hyun-bum, confirming his conviction for misappropriation and embezzlement of company funds. The ruling finalises earlier decisions by lower courts in the high-profile corporate governance case.
According to court findings, Cho was found guilty of breaching trust and embezzling around 2 billion won (approximately US$1.36 million). The case involved misuse of corporate resources, including personal use of company credit cards, assigning company drivers for private duties, and purchasing vehicles through affiliate firms.
Prosecutors had initially alleged that the total misappropriated amount could be as high as 20 billion won. However, the appellate court reduced the charges and modified the sentence after partially overturning earlier findings, including allegations related to financial lending through an affiliate company.
The Supreme Court dismissed appeals from both the prosecution and the defence, effectively confirming the appellate court’s ruling and making the sentence final.
The case has drawn attention in South Korea as part of broader scrutiny of corporate governance practices in major chaebols, large family-controlled business groups that dominate the country’s economy.
Separately, financial markets in South Korea showed mixed movement on Friday. The Korea Composite Stock Price Index (KOSPI) extended its winning streak for a fourth consecutive session, closing at a fresh high despite early losses driven by geopolitical concerns in the Middle East.
The index ended slightly higher after heavy institutional and retail buying offset foreign investor selling. Trading volumes remained strong, reflecting continued investor interest, particularly in technology and artificial intelligence-related sectors.
Market analysts noted that sentiment remained volatile due to external geopolitical tensions, but strong domestic buying helped stabilise the benchmark index.