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Eastar Jet founder sentenced to six years in prison for embezzlement

Posted On: Apr. 27, 2023 9:48 AM CST

The Supreme Court of Korea has sentenced Lee Sang-jik, founder of low-cost airline Eastar Jet Co., Ltd., to six years in prison for causing about 43 billion South Korean won ($32 million) of losses by underselling company shares to a subsidiary owned by his children in 2015, The Korea Herald reported citing Yonhap. Mr. Lee was also charged with embezzling KRW5.36 billion from the company as well as its affiliates.