'Private Equity Fund' Cho Kuk's 5th Cousin Jo Beom-dong Sentenced to 6 Years in Prison on Appeal (Comprehensive)

[Image source=Yonhap News]

[Asia Economy Reporter Seongpil Cho] The prosecution has requested a 6-year prison sentence in the appellate trial for Cho Beom-dong, the 5th cousin of former Minister of Justice Cho Kuk, who is a key figure in the private equity fund allegations.

The Criminal Division 11 of the Seoul High Court (Presiding Judge Gu Ja-heon) on the afternoon of the 15th requested the court to sentence Cho, who was indicted for violating the Capital Markets Act and other charges, to 6 years in prison and a fine of 50 million won, the same as the original sentence. The prosecution stated, "Please correct the illegality and unfairness of the original trial and consider all sentencing factors for the defendant."

The prosecution further emphasized, "If the illegality of the crime is not declared, there is a high risk that serious crimes abusing legal judgments will proliferate, causing great social harm," and added, "The crimes committed by the defendant and Jeong Gyeong-sim are a type of power-related corruption that deliberately neglects the responsibilities of social leaders and abuses public status in the process."

In response, Cho's defense attorney argued for acquittal, stating that the guilty parts recognized in the first trial were based only on formal matters, asserting that the defendant was wrongly identified as the actual owner and decision-maker of Kornig Private Equity (Kornig PE). The defense also pointed out, "The indictment is biased in assuming the defendant must be the ultimate and final person responsible for Kornig PE," and criticized, "The original trial did not escape from such prejudice and distortion."

In his final statement, Cho said, "The past time has made me face the painful past squarely and has become an opportunity for deep reflection," and appealed for leniency, hoping to "be granted a new chance to do my best in victim recovery." However, he also said, "During the process of disputing the truth, most related parties often shifted their guilt onto me," and requested, "Please examine whether the facts have been distorted by related parties taking advantage of favorable situations."

The court is scheduled to hold the appellate sentencing hearing for Cho on the afternoon of the 29th.

Cho was indicted twice on charges of committing various crimes while effectively operating the private equity fund management company Kornig Private Equity (Kornig PE). The specific charges applied to Cho amount to a total of 21. Previously, the first trial recognized most charges such as embezzlement as guilty and sentenced him to 4 years in prison and a fine of 50 million won. However, most of the charges for which he was indicted as a co-conspirator with Professor Jeong Gyeong-sim of Dongyang University were not recognized as conspiratorial relationships.