[Asia Economy Reporter Seongpil Cho] The prosecution has requested a six-year prison sentence for Cho Beom-dong, the fifth cousin of former Minister of Justice Cho Kuk, who was indicted on charges including allegations related to a private equity fund.
On the 2nd, at the sentencing hearing held before the 24th Criminal Division of the Seoul Central District Court (Presiding Judge So Byeong-seok), the prosecution asked the court to hand down this sentence for Cho's violations of the Capital Markets Act and other charges.
The prosecution described Cho's charges as "a new form of collusion between power and corruption, where undue benefits were given to those in power, and the defendant exploited this collusion for personal gain."
They further referenced the Park Geun-hye administration's state affairs manipulation scandal and the U.S. Watergate scandal, stating, "This case involves corruption crimes by the highest levels of executive power, and the court needs to uphold the rule of law by seeing the substance and truth and imposing a strict sentence according to the law."
On the other hand, Cho's defense attorney said, "The defendant is reflecting on his mistakes and is prepared to accept punishment."
However, he added, "There is a grievance about bearing the faults of others," and "According to Supreme Court precedents, guilt must be proven beyond a reasonable doubt for a guilty verdict, and we hope for a fair judgment so that the defendant is not wronged."
In his final statement, Cho said, "I regret my crimes every day and am reflecting with a heart that feels like my bones are being shaved," adding, "If given a chance, I will become a respectable father in the future."
However, Cho also stated, "I am the only one among those involved in this case who is being tried in detention," and "The actual persons involved are not former Minister Cho Kuk or Professor Jeong Gyeong-sim, but those who have direct connections."
He continued, "I have been endlessly wronged and frustrated because the case was exaggerated simply because I am a member of the Cho family," and "I ask the court to judge the crimes I committed, not those of the Cho family."
Cho was detained and indicted last October on 16 charges including violations of the Capital Markets Act, embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes, breach of trust, and evidence tampering.
Among these charges is the allegation that the Cho family falsely reported to the Financial Services Commission that they had agreed to invest 10 billion won in a private equity fund.
He is also charged with embezzling 157 million won from a private equity (PE) fund he effectively managed by signing a false consulting contract, as well as hiding documents related to the private equity fund.
In December of last year, the prosecution amended the indictment to name Jeong Gyeong-sim, a professor at Dongyang University and wife of former Minister Cho Kuk, as a co-conspirator in these three charges.
During the trial, Cho admitted to some charges such as evidence tampering but claimed that too many charges were unfairly imposed on him.
The court has scheduled the sentencing hearing for Cho at 2 p.m. on the 30th.
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