Cho Suck-rai, chairman of conglomerate Hyosung, and Hong Won-sik, chairman of Namyang Dairy Products, accused of tax evasion, are awaiting their sentences slated for this week
The Seoul court is set to carry out a sentence on Cho, who was indicted on charges of tax evasion, embezzlement and breach of duty on Jan. 15.
The chairman was indicted for allegedly evading taxes amounting to 120 billion won through accounting fraud during last 10 years since 2003.
Cho also allegedly obtained 50 billion won of dividends to stockholders by manipulating accounting from 2007 to 2008. He also reportedly evaded tax amounting to 26 billion won during the process.
Namyang chairman Hong Won-sik's sentence is slated for Jan. 13.
Hong was indicted for allegedly evading taxes amounting to 7.3 billion won. At the first trial, he was sentenced to three years in jail and four years in probation alongside 2 billion won in fines.
