Former Ssangbangwool Group Chairman Kim Sung-tae, who was indicted on multiple charges including the illegal transfer of eight million U.S. dollars to North Korea on behalf of Gyeonggi Province in 2019, was found guilty and sentenced to prison on Friday.

The Suwon District Court handed down a two-and-a-half-year prison term to the former head of the underwear maker, along with a separate one-year term and a two-year suspension, respectively, for violating the Foreign Exchange Transactions Act, the Inter-Korean Exchange and Cooperation Act, and the Political Fund Law.

The court ruled that the defendant had seriously undermined the purpose of the Political Fund Law, resulting in property damage to Ssangbangwool's affiliates, as well as damage to the company's image.

It added that the illegal remittance to North Korea caused damage to inter-Korean projects that should be transparently promoted under government management and supervision.

However, Kim was not detained in court, citing a lack of concern over evidence tampering or flight risk.