Ex-Shinhan execs get prison terms over embezzlement

Two former executives of the Shinhan Financial received suspended prison terms for embezzlement.

The Seoul Central District Court sentenced Shin Sang-hoon, former president of the group, to 18 months in prison, suspended for two years.

He pocketed 261 million won (US$246,458) of company money and illegally taking 200 million won worth of stocks from one of the group's shareholders, they said.

But he was cleared Shin of charges that he extended some 40 billion won worth of illegal loans to his relatives' firms and pocketed consulting fees worth 1.56 billion won that should have been paid to the group's honorary chairman.

Lee Baek-soon, former president of Shinhan Bank, the flagship unit of the group, was also sentenced to 18 months in prison, suspended for two years, for taking 500 million won worth of stocks from the same shareholder, officials said.

Lee has also been cleared of charges that he pocketed some 300 million won from Shin's slush fund, they added.

Prosecutors previously sought a five-year prison term for Shin and a three-year term for Lee.

For more.

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