Korean Tycoon Faces 9 Years in Prison and Billions in Fines

Kim Seoungyon arrested.

Kim Seung-youn, a prominent South Korean businessman has been sentenced to nine years in prison for embezzlement. As chairman of the Hanwha Group, he runs one of the top chaebol conglomerates in Korea which have often been above the law in the past for fear of damaging the economy.

From JoinsMSN:

Hanwha Chief, 9 Year Prison Fine… Shocking!

Prosecutors requested a nine-year prison sentence and 150 billion won (£85 million) in fines for Hanwha Group Chairman, Kim Seung-youn (60). He is charged with embezzlement and breach of trust under allegations of misappropriating billions of won in company funds.

In a two day hearing for Kim Seung-youn at Seoul Western District Court, Criminal Department 12 (with Chief Judge Han Byung-ui), the prosecutor demanded the defendant confess to managing bank accounts under borrowed names, as he has testified throughout the trial that he was unaware of them.

The prosecutor requested a seven-year prison sentence for Hong Dong-ok (64) and the rest of the NCC CEOs, who were instructed by Kim Seung-youn to use company subsidiary funds to repay debts to firms under borrowed names, as part of the Hanwha Group Management Support Implementation.

Kim Seung-youn’s lawyer responded by saying, “The prosecutor refers to such things as purchasing individual artworks, which are not mentioned in the accusation and intentionally puts a bad image on the defendant” and “I hope that the outcome does not weaken the competitive nature of domestic businesses in this era of global competition.”

The verdict for Kim will be issued on February 23 at 2pm.



Finally the prosecutors have woken up a little. Korean law needs to be stricter and must especially give severe punishment to felonies like high treason and monetary crime. However, what the lawyer says addresses the global economy, how can he harp on about this competitiveness at a trial convicting an individual’s crime?


A company’s typical menu “weakening competitiveness of domestic businesses” “adverse effects on economy” It’s all bullshit ~~ If you commit a crime, you do your time and get out~ let’s try and create a constitutional state ~


The prosecutor did well. Kim Seung-youn…this arsehole and his global business management is nonsense! If that jerk lets his son take over the company and it gets bigger, it will drive the country into ruin forever.


I’ll give you a taste of that bastard of a judge who gave the verdict for Hang Mun-suk… the apple never falls far from the tree. Kim Woo-jin (Chief Judge of the Seoul Central District Court, Criminal Department 22), the proud son of the lawyer Kim Yang-gyun (74), acts like he is a senior member of the law in Honam Province…


North Korea, if their regionalism disappears they will have withdrawal symptoms …

What do you think? Should Chaebol tycoons be punished at the expense of the economy?

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