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A SOUTH Korean court jailed the head of the Hanwha Group conglomerate,one of the country's largest,for four years yesterday and sent him directly to jail,an unusal move in a country where top bussiness leaders rarely serve jail time.
The sentencing of chairman Kim Seung Young who was also handed a 5.1billion-won(US$4) fine on charges of breach of trust-sent the shares of Hanwha skidding nearly 5 percent.
The Seoul Western district Court ruled that the 60 year old used Hanwha affiliates funds to "unfairly support"companies owned by him.
Hanwha is the 10th biggest of south korea's bussiness group by assests.
Source-REUTERS
The sentencing of chairman Kim Seung Young who was also handed a 5.1billion-won(US$4) fine on charges of breach of trust-sent the shares of Hanwha skidding nearly 5 percent.
The Seoul Western district Court ruled that the 60 year old used Hanwha affiliates funds to "unfairly support"companies owned by him.
Hanwha is the 10th biggest of south korea's bussiness group by assests.
Source-REUTERS
