The former head of a KOSDAQ listed company accused of illegally raising tens of billions of won by falsely disclosing overseas investment plans has been sentenced to prison.
On the 12th of last month, the Supreme Court confirmed the lower court's sentence of three years in prison and a fine of 10 billion won for former CEO of Hysonic, Ryu, who was indicted on charges of violating the Capital Markets Act.
The Supreme Court saw that the judgment of the lower court was not wrong, such as a misunderstanding of the law.Mr.
Ryu was indicted on charges of issuing 20 billion won worth of bonds with warrants to ordinary investors and using 19.4 billion won of them unfairly in the wake of a management dispute in 2016.
At the time, the company disclosed that it was raising funds to expand its plant in Vietnam, but it turned out that it had actually used it to buy a stake in its largest shareholder, who was in a management dispute.
In 2020, the first trial sentenced Ryu to five years in prison and a fine of 10 billion won, but the second trial reduced the sentence to three years in prison and a fine of 10 billion won, saying that Ryu does not appear to have personally acquired any money other than securing management rights.
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