[Market Focus] Hyosung Surges Over 4% as Chairman Cho Hyunjoon's Suspended Prison Sentence Finalized

Hyosung shares surged on October 16. This is interpreted as a result of the resolution of legal uncertainty following the finalization of a suspended prison sentence for Hyosung Group Chairman Cho Hyunjoon.

As of 2:49 p.m. on this day, Hyosung shares were trading at 104,700 won on the Korea Exchange, up 4.39% from the previous trading day. The stock opened at 100,900 won and at one point during the session rose to as high as 105,800 won.

On this day, the Supreme Court's First Division (Presiding Justice Noh Taeak) upheld the lower court's ruling, which sentenced Chairman Cho, who had been indicted without detention on charges including embezzlement and breach of trust under the Act on the Aggravated Punishment of Specific Economic Crimes, to two years in prison with a three-year suspended sentence. Chairman Cho was put on trial for allegedly embezzling over 1.6 billion won in company funds. The Supreme Court acquitted him of all charges related to breach of trust involving artworks and found no fault in the lower court's decision, which only recognized the embezzlement of over 1.6 billion won as guilty among all the charges.