Connect to share and comment

LIG Group chief gets prison sentence over massive financial fraud

PlacardEnlarge
(Globalpost/GlobalPost)

SEOUL, Oct. 31 (Yonhap) -- A Seoul court on Friday sentenced the chairman of LIG Group to three years behind bars for fraudulently issuing commercial paper worth around 215 billion won (US$198 million) to get back stakes in the group's subsidiaries.

Koo Cha-won, 78, was found guilty of orchestrating the fraudulent issuance under the name of the group's construction arm, LIG Engineering

http://www.globalpost.com/dispatch/news/yonhap-news-agency/130913/lig-group-chief-gets-prison-sentence-over-massive-financial-