Yoo Hyuk-ki, Yoo Byung-eon's second son, gets 4-year sentence on appeal for 25.4 billion won embezzlement

Yoo Hyuk-ki, the second son of the late Semo Group chairman Yoo Byung-eon, received a reduced sentence of four years in prison on appeal for embezzlement charges. The appellate court also reduced the amount to be confiscated from the original 9.2 billion won to 1.3 billion won.

The Seoul High Court's Incheon Branch, Criminal Division 2, overturned the original five-year sentence for embezzlement under the Act on Special Cases Concerning the Punishment of Specific Economic Crimes. The court cited partial recovery of damages for some companies and their expressed desire not to pursue further punishment. The judges also considered Yoo's three and a half years of detention while awaiting extradition.

Yoo was accused of conspiring with affiliate CEOs from March 2008 to March 2014 to embezzle 25.493 billion won. The funds were allegedly siphoned into personal accounts or overseas corporations under the guise of trademark usage fees and management consulting fees. Investigations revealed Yoo used these funds to purchase overseas real estate, fund his father's art exhibitions, and acquire luxury vehicles and high-end goods.

The embezzlement charges came to light during the investigation into the business irregularities of Yoo Byung-eon's family, the de facto owners of Cheonghaejin Marine Co., which was involved in the Sewol ferry disaster. Yoo was forcibly repatriated to South Korea in August 2023 after an extradition request to the United States.