S.Korean court sentences Hyosung Group chairman to jail for tax evasion

HYOSUNG

15/01/2016 07:36

SEOUL, Jan 15 (Reuters) - A South Korean court on Friday 
sentenced the chairman of textile-to-trading conglomerate 
Hyosung Group to three years of prison for tax evasion.  
    The Seoul Central District Court said Hyosung Group chairman 
S.R. Cho was also fined 136.5 billion won ($112.5 million) for 
dodging about 130 billion won in taxes. 
    Cho is one of several South Korean businessmen sentenced to 
jail in recent years for corporate misconduct amid a swell in 
public discontent over the behaviour of the chaebol, or 
family-run conglomerates, that dominate Asia's fourth-largest 
economy.  urn:newsml:reuters.com:*:nL3N10O1H4 
    The 80-year-old former head of business lobby group 
Federation of Korean Industries was not taken into custody due 
to health issues, the court said.  
    Shares in Hyosung Corp  004800.KS , the group's flagship 
textiles and chemicals company, closed down 4.4 percent on 
Friday.  
    Hyosung said the chairman will appeal the ruling.  
($1 = 1,212.7000 won) 
 
 (Reporting by Hooyeon Kim; Writing by Joyce Lee; Editing by 
Miral Fahmy) 
 ((jungyoon.lee@thomsonreuters.com; +82 2 3704 5609; Reuters 
Messaging: jungyoon.lee.thomsonreuters.com@reuters.net)) 
 
Keywords: HYOSUNG CORP RULING/