[Asia Economy Reporter Heo Kyung-jun] A level 7 public official at Gangdong District Office in Seoul, who was prosecuted for embezzling 11.5 billion KRW of public funds and using them for stock investments, has been sentenced to 10 years in prison.
The Supreme Court's 2nd Division (Presiding Justice Cho Jae-yeon) on the 2nd upheld the 10-year prison sentence in the high court ruling in the final appeal trial of Kim, who was indicted on charges including embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes.
Kim was prosecuted for transferring the entire 11.5 billion KRW, which was the waste disposal facility installation contribution paid by Seoul Housing & Communities Corporation (SH) to Gangdong District Office from December 2019 to February 2021, into his own account, then transferring it to stock accounts under his and his family members' names, using it for stock investments and personal debt repayment. Kim also falsified internal settlement and performance reports at the district office to conceal the embezzlement.
Kim returned 3.8 billion KRW out of the embezzled 11.5 billion KRW, and investigations revealed that most of the remaining 7.7 billion KRW was lost in stock investments.
Both the first and second trials sentenced Kim to 10 years in prison and ordered the confiscation of approximately 7.69 billion KRW. The Supreme Court also agreed with the lower courts' judgments.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
