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Head of electronics firm gets 23-year jail term for financial fraud

All Headlines 11:36 October 16, 2015

SEOUL, Oct. 16 (Yonhap) -- The chief of a mid-sized electronics firm received a 23-year jail term Friday for getting loans amounting to trillions of won based on fraudulent export contracts.

The Seoul Central District Court convicted Park Hong-seok, head of Moneual Inc., a manufacturer of computers and small home appliances, of getting a total of 3.4 trillion won (US$3 billion) from 10 local banks between October 2007 and September 2014 based on forged documents that falsely showed the company's computer export contracts.

The court also ordered Park to pay 100 million won in fines and forfeit another 36.1 billion won.

"More than 540 billion won is still left to be paid back," Judge Kim Dong-ah said. "Park has negatively affected the market economy and crushed trust in the financial system."


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