Korea’s top court upheld a four-year jail sentence against the head of the country’s third-largest conglomerate, SK Group, for embezzling company funds

March 3, 2014 Leave a comment

2014-02-27 10:56

Court upholds 4-yr prison term of SK Group chief for embezzlement

The nation’s top court on Thursday upheld a four-year jail sentence against the head of the country’s third-largest conglomerate, SK Group, for embezzling company funds.
Chey Tae-won was convicted of embezzling 46.5 billion won ($43.6 million) from two SK Group affiliates, including top mobile carrier SK Telecom Co., and funneling the funds into personal investments in stock futures and options in 2008.
The Supreme Court rejected the 53-year-old tycoon’s final appeal against a verdict handed down by two lower courts, saying that he had acted out of personal greed.
SK Group, the third-largest corporation by assets after Samsung Group and Hyundai Group, has more than 90 affiliates, mainly in the fields of energy and telecommunications. (Yonhap)

Filed under Macro Trends

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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