SERVICES

Ex-KDB chief gets 4-year jail term for corruption

Seoul - Former Finance Minister Kang Man-soo was sentenced to four years in prison Friday on multiple corruption charges. The Seoul Central District Court convicted Kang of pressuring the government to designate a biotech firm run by his friend as a business partner and provide billions of won in subsidies

Seoul - Former Finance Minister Kang Man-soo was sentenced to four years in prison Friday on multiple corruption charges. The Seoul Central District Court convicted Kang, also a former head of the state-run Korea Development Bank (KDB), of pressuring the government to designate a biotech firm run by his friend as a business partner and provide billions of won in subsidies in December 2009. The court ordered him to pay a fine of 50 million won (US$44,000).

Kang was the country’s finance minister from 2008 to early 2009 and served as presidential economic adviser and chief of a presidential committee on industrial promotion between 2009 and 2011 before leading the state-run bank from 2011 to 2013. “The defendant abused his status and power to peddle influence for his acquaintances,” the court said.

Still, he was acquitted of allegations he pressured then-chief of Daewoo Shipbuilding & Marine Engineering Co. Nam Sang-tae to invest 4.4 billion won in the biotech firm between 2011 and 2012.

(READ MORE)

Pressed for time?

Get the best news of the week in your inbox

Subscribe ››