Choi Sinwon, former chairman of SK Networks, who was put on trial on charges including embezzlement and breach of trust amounting to over 220 billion won, had his sentence of two years and six months in prison finalized by the Supreme Court on May 15.
The Supreme Court's third division (Presiding Justice Oh Seokjun) on this day upheld the lower court's ruling that sentenced Choi to two years and six months in prison on charges of embezzlement under the Act on the Aggravated Punishment of Specific Economic Crimes.
The court stated, "There was no violation of the rules of logic and experience, nor did the lower court exceed the limits of free evaluation of evidence or misunderstand the law regarding the Act on the Aggravated Punishment of Specific Economic Crimes."
Choi was indicted in March 2021 on charges of embezzling and committing breach of trust totaling 223.5 billion won from six affiliates, including SK Networks, SKC, and SK Telesys. The charges included using company funds for a personal golf course business, paying false salaries to family members and relatives, paying for a personal paid-in capital increase, and supporting insolvent affiliates. He was also accused of issuing false debt assumption agreements, exporting foreign currency without reporting it, and dispersing currency exchanges through employees.
The first trial found him guilty of some of the embezzlement and breach of trust charges, as well as violations of the Real Name Financial Transactions Act and the Foreign Exchange Transactions Act, sentencing him to two years and six months in prison. He was found not guilty of fraud under the Act on the Aggravated Punishment of Specific Economic Crimes and violations of the Capital Markets Act. However, considering Choi's social status and attitude, the court did not take him into custody, citing no risk of flight or destruction of evidence.
The appeals court found him guilty of embezzlement and breach of trust amounting to approximately 56 billion won, as well as violations of the Foreign Exchange Transactions Act and the Real Name Financial Transactions Act involving 2.4 billion won in foreign currency, sentencing him to two years and six months in prison and taking him into custody.
Both Choi and the prosecution appealed, but the Supreme Court found no issues with the appellate court's ruling.
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