SK Group chairman gets 4 years in prison

Chey Tae-won, chairman of SK Group, was sentenced to four years in prison on Jan. 31 for embezzling company funds amounting to 49.7 billion won (US$44.5 million).

Chey, 53, was imprisoned immediately after the ruling.

The Seoul Central District Court ruled that the funds from two affiliates of the conglomerate were funneled into a company run by a former executive of the group's telecommunications unit, and used for investments in stock futures and options.

Chey has denied his charges.

SK officials appeared embarrassed at the ruling. They said SK will take legal steps to prove the chairman's innocence, including appealing to higher courts.

Park Sae-jin swatchsjp@ajunews.com