Businessman in his 70s Not Guilty After Borrowing 2.8 Billion, Arrested in Court at Appeal Court

A businessman in his 70s, who was acquitted in the first trial after borrowing billions of won from an acquaintance, was arrested in court at an appeal trial.

The Gwangju High Court sentenced 70-year-old A, who was charged with fraud, to four years in prison and arrested him in court for fear of fleeing.

A was acquitted in the first trial of borrowing 3.5 billion won from B, a real estate owner in Naju, Jeollanam-do, for six months from December 2019 and not paying it back.

The court judged that A used KRW 2.8 billion borrowed in the name of real estate purchase funds for personal purposes, such as his company's card payment or checking payment, and that he had no intention of repaying it.