For decades, it seemed that the founding families of Korea’s large business conglomerates, or chaebol, could get away with anything.
In 2007 Hyundai Motor Group chairman Mong-koo Chung was found guilty of breach of trust and embezzlement while SK Group chairman Tae-won Chey was convicted of accounting fraud. Both received suspended sentences, followed by presidential pardons. Indeed, according to Chaebul.com — a website that reports on the doings of Korea’s wealthy — since 1990, seven of the heads of the 10 biggest chaebols have received collective jailtime of 22 years in prison for various corruption and tax evasion charges, but all of those sentences were swiftly suspended by judges.
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