A Seoul court sentenced the chief executive of the now-suspended Mirae Savings Bank to nine years in prison on Friday for extending illegal loans and other illegal activities.

Kim Chan-kyong was found guilty of extending a huge amount of illegal loans worth hundreds of billions of won and embezzling company funds which led to huge losses for the troubled bank.

The bank’s operations were suspended by the nation’s top financial regulator in May along with several other ailing savings banks due to management irregularities and lack of capital.

“The defendant’s management philosophy has resulted in the suspension of the bank’s operations,” Judge Yum Ki-chang of the Seoul Central District Court said in his ruling.

The disgraced banker was caught by police in May when he tried to flee the country with the embezzled company funds.(Yonhap News)