Cho was found guilty of causing $12 million in losses to the church by having officials in 2002 buy stocks owned by his eldest son, Cho Hee-jun, at four times the market value, Yonhap reported on Thursday.
The 78-year-old pastor, who founded the church in 1958, will also have to pay about $4.6 million in fines. The junior Cho will also be serving a three-year prison term for colluding with his father, the Seoul Central District Court ruled.
Cho was also found to have been evading 35 billion won (US $3.3 million) in taxes. The elderly pastor first came under investigation in 2011 when he was accused by 29 church elders of embezzling church funds and privatizing church assets.
Cho was apparently given a light sentence by the Seoul court because of his long-standing contributions to society, and will have a five-year stay of execution.
No comments:
Post a Comment