Ex-Kumho Asiana chief gets 10-yr prison term for unfair deals, embezzlement

Park Sam-koo, former chairperson of Kumho Asiana Group, was sentenced to 10 years in prison Wednesday for embezzlement of company funds, breach of trust and fair trade law violations. The Seoul Central District Court made the ruling and ordered the immediate detention of Park after finding him guilty of his criminal charges. The 77-year-old Park resigned as chairperson of Kumho Asiana Group and its affiliate Asiana Airlines in 2019 to take responsibility for controversial bookkeeping for the nation's No. 2 carrier. He was arrested and indicted in May last year on the multiple criminal charges but was released on bail in November. Park is accused of masterminding unfair inter-affiliate transactions in violation of the Monopoly Regulation and Fair Trade Act to rebuild the group and regain control of group companies. Park was indicted for withdrawing 330b won ($252m) from four affiliates in 2015 to pay for the return of Kumho Industrial shares from the state-funded Korea Development Bank and other creditors.<br/>