April 27, 2024

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[THE INVESTOR] SK Group vice chairman Chey Jae-won was released from prison on parole on July 29. 

Chey was imprisoned along with his brother SK Group chairman Chey Tae-won in February 2014 for embezzling 45 billion won (US$40 million) from the company. 

"The economy is struggling, and (I) will add (my) small effort to revive the economy and creating jobs," Chey said. 

SK Group Chey Jae-won bows as he is released on parole on July 29.

 
Chey was imprisoned along with his brother SK Group chairman Chey Tae-won in February 2014 for embezzling 45 billion won (US$40 million) from the company.

He has served 39 months of his 42-month sentence. His elder brother Tae-won was pardoned in 2015. Chey Tae-won was the first chaebol family member to be pardoned since President Park Geun-hye took office in 2013.
It is unclear what role the younger Chey, who was the CEO of SK Networks and SK E&S at the time of his imprisonment, will play in the group. SK Group officials have told the local media that he will concentrate on recuperating for the time being. 

While Chey Jae-won rejoins his brother in society on parole, the country's corporate community is keeping a close eye on the presidential pardon scheduled for the Aug. 15 Liberation Day.

Although President Park has for the most part been less lenient on business leaders convicted of crimes than her predecessors, she has hinted that this year's presidential parole would be economy-focused.

“(I) plan to issue pardons to (create) an opportunity for revival, and to channel the capabilities of the people,” Park said at a meeting with her chief aides on July 11.

The names that are being mentioned in connection with the pardons include CJ Group chairman Lee Jay-hyun, Hanwha Group chief Kim Seung-youn and Koo Bon-sang, head of LIGNex1.

By Choi He-suk (cheesuk@heraldcorp.com)