S. Korean tycoon jailed for fraud, tax evasion By AFP

Ailing South Korean business tycoon Lee Jay-
Hyun was sentenced to two and a half years in
prison Tuesday, following a court review of his
trial on charges ranging from embezzlement to
tax evasion.
Lee, the head of the South Korean food and
entertainment giant CJ Group, was also slapped
with a heavy fine.
“The court finds it necessary to send a clear
message that such economic crimes won’t go
unpunished,” the high court in Seoul said in
passing the sentence.
The court also handed down 25.2 billion won
($21 million) in fines.
The tycoon will not go straight to prison as the
court granted a stay of sentence pending hospital
treatment.
Lee, who has undergone a kidney transplant,
claims to suffer from multiple illnesses, including
a degenerative neurological disease.
The businessman was initially sentenced to four
years in prison in 2014 by a district court. He
served just 50 days before being released for
treatment.
The sentence was later reduced to three years by
the high court and this year the Supreme Court
ordered another review, citing errors in the
appellate court’s application of legal guidelines.
Top officials of South Korea’s family-run business
conglomerates, or “chaebol”, which dominate the
national economy, have made regular court
appearances on fraud charges over the years.
Some have received heavy jail terms, only for
them to be pardoned or released on early parole
in light of their “past contributions” and
importance to future economic prosperity.