Prosecution Appeals First Trial Verdict of Jo Beom-dong, Which Did Not Recognize 'Jung Kyung-shim Embezzlement Conspiracy'

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyung-min] The prosecution has appealed the first trial verdict that sentenced Cho Beom-dong, the fifth cousin of former Minister of Justice Cho Kuk, to four years in prison.

According to the court on the 2nd, the prosecution submitted an appeal to the Seoul Central District Court Criminal Division 24 (Chief Judge So Byung-seok).

Cho was indicted on charges including operating the private equity firm Coring Private Equity (Coring PE) in practice, acquiring a KOSDAQ-listed company without capital, attempting to boost the stock price through false disclosures, and embezzling company funds.

The first trial recognized most of the charges prosecuted by the prosecution regarding Cho's so-called 'corporate raider crimes' as guilty and sentenced him to four years in prison and a fine of 50 million won.

However, regarding the charges linked to the 'private equity fund suspicions' involving Professor Jeong Kyung-shim of Dongyang University and her spouse, only some were judged as guilty.

In particular, the court did not acknowledge Professor Jeong's collusion in the charges of embezzling company money through false consulting contracts and inflating the reported fund subscription amount.

After related suspicions arose following Cho's nomination as a candidate in August last year, the court only recognized collusion concerning the deletion of related materials by Coring PE employees.