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Former CEO of Kumho Asiana sentenced to 10 years in prison for unfair trading and embezzlement

SEOUL, Aug. 17 (Yonhap) — Park Sam-gu, former chairman of Kumho Asiana Group, was sentenced Wednesday to 10 years in prison for embezzlement of company funds, treason and violation of the Fair Trade Act.

The Seoul Central District Court found Park guilty and ordered immediate detention.

Park, 77, stepped down as chairman of Kumho Asiana Group and its affiliate Asiana Airlines in 2019 to take on the country’s second-largest airline’s controversial bookkeeping responsibilities.

He was arrested and indicted on multiple charges in May last year, but was released on bail in November.

Mr. Park is accused of masterminding illicit transactions between affiliated companies in violation of monopoly regulations and fair trade laws in order to restructure the group and regain control of the group companies.

In 2015, Park was charged with withdrawing 330 billion won (US$252 million) from four affiliates to return shares in Kumho Industries from the state-run Korea Development Bank and other creditors. .

Park is also accused of leading Asiana Airlines to sell its 100% stake in Kumho Terminal to Kumho Bus Lines, causing losses to Asiana Airlines. He subcontracts and sells exclusive in-flight meal deals to the Swiss company Gategroup.

Earlier, the prosecution had requested Park to be sentenced to 10 years in prison at the previous trial.

http://yna.kr/AEN20220817008300315&section=news&input=rss Former CEO of Kumho Asiana sentenced to 10 years in prison for unfair trading and embezzlement

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