South Korean Supreme Court finalizes rulings in Hyosung and Samyang Foods corruption cases

The Supreme Court of Korea has issued final rulings in two major corporate corruption cases involving high-ranking executives from Hyosung Group and Samyang Foods.

In the Hyosung case, Vice Chairman Lee Sang-woon received a suspended prison sentence of 2 years and 6 months with 4 years of probation. The ruling concludes a legal battle spanning over 12 years. Lee was found guilty of conspiring with the late Honorary Chairman Cho Seok-rae to commit accounting fraud totaling 501 billion won over a decade, resulting in 123.7 billion won in evaded corporate taxes. He was also implicated in embezzling 69.8 billion won through paper companies and evading 11 billion won in capital gains taxes.

In the Samyang Foods case, former Chairman Chun In-jang was sentenced to 3 years in prison, suspended for 5 years, and ordered to pay a fine of 19.1 billion won. The court confirmed that Chun used paper companies to issue approximately 53.8 billion won in false tax invoices between 2010 and 2017 while embezzling company funds. This final decision follows a lengthy legal process that included a reversal by the Supreme Court regarding the nature of transactions involving affiliated companies.