Top court finalizes suspended prison term for Hyosung vice chief after 12-year legal battle
The Supreme Court on Thursday finalized a suspended prison term of 2 1/2 years for Hyosung Group Vice Chairman Lee Sang-woon, concluding a lengthy corruption case that began over a decade ago. Lee was indicted in 2014 alongside the group's late former Chairman Cho Seok-rae on charges of evading 123.7 billion won ($92.5 million) in corporate taxes through a 501 billion-won accounting fraud scheme…
The Supreme Court of South Korea has recently announced that Hyosung Group Vice Chairman Lee Sang-woon will serve a suspended prison term of 2.5 years, bringing an end to a 12-year legal battle. In 2014, Lee was indicted alongside Hyosung's former Chairman Cho Seok-rae on multiple charges, including tax evasion, accounting fraud, and stock trading under a false name.
They were accused of embezzling 69.8 billion won from an overseas subsidiary, causing a 23.3 billion won loss to the company. The initial sentence was suspended for four years, but the case was sent back for retrial and later upheld by the appellate court. Despite appeals by both the prosecution and Lee, the Supreme Court upheld the final decision.
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