“The Supreme Court on Friday upheld a two-year prison sentence for Hankook & Company Chairman Cho Hyun-bum for misappropriating and embezzling company funds. The top court confirmed an appellate court ruling that found Cho guilty of breach of trust and embezzling about 2 billion won ($1.36 million), dismissing appeals by both Cho and the prosecution. The appellate court had ruled that Cho used corporate cards for personal use, made the company chauffer a personal aide to his wife, and bought vehicles under the name of affiliate companies. Prosecutors had accused Cho of misappropriating and embezzling funds in the range of 20 billion won. The appellate court had reduced Cho's prison sentence from three years after overturning a lower court's guilty verdict on charges of lending 5 billion won from MKT, an affiliate company, to an auto parts company despite being aware of its poor financial status.
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