S. Korea tycoon’s son jailed for 3 years
Print Edition
THE son of the South Korean tycoon blamed for April’s ferry disaster was sentenced to three years in prison yesterday for embezzlement, the first sentencing of any member of the reclusive billionaire family on charges linked to the sinking.
Yoo Dae-kyun, 44, was found guilty of siphoning off some US$7.2 million from Chonghaejin Marine Co, the operator of the ferry, and its six sister companies between 2002 and late last year.
“The accused is found guilty of embezzlement... He exploited his status as the eldest son of Yoo Byung-eun for embezzlement,” the Incheon District Court in the western port city of Incheon said in a statement. Prosecutors had sought a four-year jail sentence for Yoo.
Three other family members — Yoo Dae-kyun’s mother and two uncles — have also been arrested on charges of embezzlement from the business group.
Yoo’s sister, Yoo Sum-na, is currently fighting extradition from France on similar charges. A Paris court of appeal was to rule on her extradition later yesterday.
The 48-year-old, who also runs a design company, was arrested in Paris on May 26 after an Interpol arrest warrant was filed by Seoul.
The overloading of cargo on the Sewol and an illegal redesign has been blamed for the April disaster in which the ferry sank off South Korea’s southern coast, claiming more than 300 lives — most of them schoolchildren.
The badly decomposed body of Yoo’s father, Yoo Byung-eun, who in addition to his substantial business interests also ran a religious group, was found in June.
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