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The Supreme Court has confirmed a three-year prison term for a member of LG Group family convicted of stock manipulation and embezzlement, court officials said Monday.
Koo Bon-hyun was convicted of pocketing around 13.9 billion won ($11.7 million) of illegal profits by manipulating the stock price of Exa E&C Inc., through spreading false information about the company during the process of taking over a new materials company in 2007. At that time, he was serving as a chief executive of EXA E&C, an electronic components and environmental company not affiliated with LG Group.
The 45-year-old Koo, a nephew of LG honorary chairman Koo Cha-kyung, is also convicted of embezzling around 76.5 billion won of company funds through accounting fraud.
A district court previously handed down a four-year prison term for Koo, but an appellate court in March reduced the sentence to three years. (Yonhap News)
Koo Bon-hyun was convicted of pocketing around 13.9 billion won ($11.7 million) of illegal profits by manipulating the stock price of Exa E&C Inc., through spreading false information about the company during the process of taking over a new materials company in 2007. At that time, he was serving as a chief executive of EXA E&C, an electronic components and environmental company not affiliated with LG Group.
The 45-year-old Koo, a nephew of LG honorary chairman Koo Cha-kyung, is also convicted of embezzling around 76.5 billion won of company funds through accounting fraud.
A district court previously handed down a four-year prison term for Koo, but an appellate court in March reduced the sentence to three years. (Yonhap News)
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