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Biz News Korea(Eng)
Ex Shinhan CEO acquitted by Supreme Court on criminal charges
- Collected
- 2017.03.10
- Distributed
- 2017.03.13
- Source
- Go Direct
Shin Sang-hoon, former president of Shinhan Financial Group, and acquitting him of heavy criminal offenses of embezzlement and breach of trust.
The ruling by the highest court ends a six-year-long internal power feud among senior executives at the country’s largest financial conglomerate that up until the scandal had a high reputation for cleanness.
Ra Eung-chan, former chairman of Shinhan Financial Group, and Lee Baek-soon, former chief executive officer of Shinhan Bank, in 2010 brought criminal charges against Shin, accusing him of pocketing1.56 billion won ($1.4 million) management consulting fee to be given to late Shinhan Bank honorary chairman Lee Hee-gun, breach of trust involving illicit granting of loans worth 43.8 billion won, and violation of financial holding company law by receiving 860 million won from three shareholders in Japan.
Shin was sentenced 18 months in prison with two years of probation in the first trial, but the higher court acquitted him of violating the financial holding law and embezzlement charge, slapping him of the relative light penalty of 20 million won.
The lower court ruling of a prison term of 18 months with two-year probation for Lee of Shinhan Bank also charged with receiving kickbacks was also upheld by the Supreme Court.
The feud aimed to oust Shin ended in a disgraceful exit for all the founding members Lee, Ra, and Shin. Shin after the ruling demanded an apology from Shinhan for defaming his reputation.
By Kim Tae-sung
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]