January 31, 2013 / 6:30 AM / 5 years ago

Head of S.Korea's SK Holdings gets 4-year prison term for embezzlement

SEOUL, Jan 31 (Reuters) - SK Holdings Co Ltd’s chairman Chey Tae-won was sentenced to 4 years in jail for embezzlement, a South Korean court has ruled.

The prison term reflects the country’s harsher stance towards misdeeds by powerful corporate leaders. Shares in SK Holdings closed down nearly 3 percent before the ruling was announced.

SK Holdings is a holding company of the country’s third-largest conglomerate, SK Group.

Prosecutors last year accused Chey, 52, and his brother of embezzling part of over 200 billion won ($184 million) of corporate funds that SK Group companies had invested for personal investments. ($1 = 1085.4750 Korean won) (Reporting by Joyce Lee; Editing by Edmund Klamann and Jeremy Laurence)

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