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Ex Hanjin Shipping chairwoman is jailed and fined for insider trading
FORMER chairwoman of the now-defunct Hanjin Shipping Co, Choi Eun-young, has been sentenced to 18 months in jail for selling off her family's stake in the shipping company just days before the carrier announced a court-led debt restructuring plan. She has been immediately taken into custody.
The Seoul Central District Court ruled that 55-year-old Ms Choi had violated the law that bans insider trading. The court also ordered her to pay a KRW1.2 billion (US$1.09 million) fine and forfeit KRW503 million.
The court said, although her charges are serious enough to deserve a heavy punishment, it considered that the stake selling did not appear to have been meticulously planned out and that Ms Choi already donated KRW10 billion to bear the responsibility for her misdeed, reported Hellenic Shipping News citing Yonhap news agency.
Ms Choi was indicted in December last year for unloading the equity held by her and her two daughters, and for taking advantage of the undisclosed information. Her family avoided KRW1 billion of possible losses.
Hanjin Shipping was declared bankrupt in February after its creditors refused to let the company go ahead with its salvage plan.
Ms Choi is the wife of the late Cho Su-ho, the younger brother of Hanjin Group chairman Cho Yang-ho, who also runs Korean Air Lines Co. She took over the management control of Hanjin Shipping in 2006 after her husband's death and headed the company until April 2014.
The Seoul Central District Court ruled that 55-year-old Ms Choi had violated the law that bans insider trading. The court also ordered her to pay a KRW1.2 billion (US$1.09 million) fine and forfeit KRW503 million.
The court said, although her charges are serious enough to deserve a heavy punishment, it considered that the stake selling did not appear to have been meticulously planned out and that Ms Choi already donated KRW10 billion to bear the responsibility for her misdeed, reported Hellenic Shipping News citing Yonhap news agency.
Ms Choi was indicted in December last year for unloading the equity held by her and her two daughters, and for taking advantage of the undisclosed information. Her family avoided KRW1 billion of possible losses.
Hanjin Shipping was declared bankrupt in February after its creditors refused to let the company go ahead with its salvage plan.
Ms Choi is the wife of the late Cho Su-ho, the younger brother of Hanjin Group chairman Cho Yang-ho, who also runs Korean Air Lines Co. She took over the management control of Hanjin Shipping in 2006 after her husband's death and headed the company until April 2014.
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