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CJ Group Chairman under Suspicion of Tax Evasion, Embezzlement Appeals to the Supreme Court
Ordeal Continues
CJ Group Chairman under Suspicion of Tax Evasion, Embezzlement Appeals to the Supreme Court
  • By matthew
  • September 25, 2014, 08:45
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CJ Group Chairman Lee Jae-hyun being arrested in July 2013.
CJ Group Chairman Lee Jae-hyun being arrested in July 2013.

 

CJ Group Chairman Lee Jae-hyun, who has been sentenced to three years in prison for embezzlement after appeal, misappropriation, and tax evasion worth 160 billion won (US$153 million), has appealed to the Supreme Court on Sept. 18.

The prosecution also submitted an appeal petition on the same day. According to the Public Prosecutors’ Office, the judgment of acquittal on his embezzlement of 60.3 billion won (US$57.8 million) of CJ Holding’s corporate funds constitutes a mistake of fact and a misunderstanding of legal principles.

During the first trial, the court ruled that he was guilty of most of the charges against him, except for some tax evasion allegations. They sentenced him to four years in prison and a fine of 26 billion won (US$23.9 million). At the appellate trial on Sept. 12, the prison term was decreased to three years based on the ruling that slush funding cannot be seen as embezzlement.

The Supreme Court ruling is expected to be available in five months or so.