10-year jail term sought for Hyosung chairman over tax evasion, embezzlement

SEOUL (Yonhap) -- Prosecutors sought a 10-year jail term on Monday for a business tycoon accused of creating slush funds and evading taxes of over 800 billion won (US$690 million) in total.

Prosecutors demanded the sentence at a trial at the Seoul Central District Court against Cho Suck-rai, chairman of conglomerate Hyosung Group, saying that the group's accounting fraud amounts to 890 billion won over a decade from 1999.

Prosecutors also demanded 300 billion won in fines.

"While he degraded the company as if it's a personal property, using his status as a major shareholder, he is not showing regrets over his conduct," prosecutors said.