Jailed ex-SK Group chairman Chey Tae-won delivered a message on Monday saying that he is sorry for the confusion he has caused through his arrest on the charges of embezzling corporate funds.

In a statement delivered through his attorney, Chey said he feels it was lack of his virtue that such an incident occurred.

“It was also much of a shock to me, but the encouragement of SK employees is a relief and an encouragement to me,” he said. “I will do my best to explain myself in the remaining process.”

Chey was given four years in prison after a Seoul court found him guilty of embezzling some 49.7 billion won ($44.5 million) from SK affiliates and transferring it to an investment firm headed by a former company executive in a bid to buy stocks in 2008.

The arrest came at a time when President-elect Park Geun-hye agreed to introduce stricter penalties, such as jail sentences, for embezzlement and malpractices of chaebol owners.

“I’m well aware that this case may harm SK’s history, which is a company that has contributed to the economic growth of the country,” said Chey.

Mentioning his efforts to build relationships with many overseas business partners at the Davos Forum, he urged SUPEX Council chairman Kim Chang-geun and its commissioners, as well as the SK chief executives, to keep an eye on the planned global business projects.

“What I’ve also dreamed of over the recent years is creating an ecosystem for social enterprises. I was looking forward to launching that initiative along with the new management system, but I’m regretful for not being able to do so,” he said.

“I believe (social enterprises) are among the big tasks that need to be driven forward by SK ... to establish shared growth.”

By Cho Ji-hyun (sharon@heraldcorp.com)