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Ex-Justice Minister's Nephew Sentenced to Prison Term, Alleged Connection Dismissed

Write: 2020-06-30 17:28:50Update: 2020-06-30 17:42:21

Ex-Justice Minister's Nephew Sentenced to Prison Term, Alleged Connection Dismissed

Photo : YONHAP News

A relative of former Justice Minister Cho Kuk has been handed a prison term for violating capital market laws and other charges. 

The Seoul Central District Court on Tuesday sentenced Cho Beom-dong to four years behind bars and 50 million won in fines. 

The 37-year-old man was indicted of attempting to manipulate stock prices for a private equity fund of which he was a de-facto owner, and embezzling assets of some of the companies the fund invested in. 

The case drew attention as he was also suspected of helping investments of the ex-minister’s wife through the fund and committing some of the illegalities in collusion with her. 

The court, however, did not acknowledge the alleged collusion and said there was no evidence the convicted crimes were committed under the auspice of powerful figures.

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