Daum Kakao to set up 100-bln-won new investment firm to seek out ventures

Six-year jail term sought for CJ chairman

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Published : 2014-01-14 21:58
Updated : 2014-01-14 21:58

Prosecutors on Tuesday sought a six-year prison term for food and entertainment conglomerate CJ Group chairman for alleged corporate crimes.

Lee Jay-hyun was indicted on charges of embezzling around 165.7 billion won (US$156 million) to create slush funds and evade taxes in the process.

Prosecutors also demanded that the chief of the country's 14th-largest conglomerate pay a fine of 110 billion won. 

The 53-year-old tycoon is currently standing trial without being detained after a Seoul court extended the suspension of imprisonment, citing his poor health. Lee underwent a key transplant surgery.

A sentencing trial for Lee is scheduled to be held at the Seoul Central District Court in early February, court officials said.

(Yonhap News)

 

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