Legal
Asian Business Tycoon Receives Fine, Reduced Jail Sentence For Tax Dodging, Other Offences - Report
A court has fined a South Korean business head, while cutting his jail sentence, for embezzlement and tax evasion, a report said.
A South Korean business tycoon has been sentenced to two and a
half years in prison after a court reviewed his trial on charges
that covered offences such as tax evasion and embezzlement,
according to the Straits Times (of Singapore).
Lee Jay Hyun is the head of South Korean food and entertainment
conglomerate CJ Group; he was fined KRW 25.2 billion
(around $21.4 million). The report said he will not go
straight to jail because the court granted a stay of sentence
because of his hospital treatment. He has undergone a kidney
transplant and claims to suffer from a number of illnesses.
Lee was originally sentenced to four years in prison in 2014 by a
district court. He served just 50 days before being released for
treatment, the ST said. That sentenced was subsequently
reduced to three years and another review has been ordered.
