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South Korea's top court upholds prison term for SK Group head

Published on Feb 27, 2014 10:57 AM

SEOUL (AFP) - South Korea's Supreme Court on Thursday upheld a four-year jail sentence for the head of the country's third largest conglomerate, the SK Group, for embezzlement.

Chey Tae Won, 54, was convicted of diverting 46.5 billion won (S$55.3 million) from two affiliates in 2008 and funnelling the money into a firm for investments in stock futures and options.

The custodial sentence was seen as sending a message in a country where convicted business tycoons have often been given suspended prison terms in recognition of their contribution to the national economy.

Chey has been in prison since January last year when a lower court handed down the four-year jail term. The sentence had already been upheld once on appeal prior to the Supreme Court confirmation.

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