A Seoul appeals court, partially overturning a lower court’s ruling, on Friday commuted a jail term of the chairman of food and entertainment conglomerate CJ Group to three years.
Lee Jay-hyun was indicted on charges of misappropriating 165.7 billion won ($156 million) in company assets to offshore slush funds and dodging taxes in the process.
The Seoul High Court shortened the jail term of the 54-year-old tycoon by one year after acquitting him of most of the embezzlement charges. (Yonhap)
