Credit: Yonhap News
Prosecutors are demanding a three-year prison sentence for Hwang Jung Eum, who has been charged with embezzling approximately ₩4.34 billion ($3.2 million) from her own family-run company.
The request was made on Thursday during the final hearing at the Jeju District Court. Hwang is facing charges under the Act on Aggravated Punishment of Specific Economic Crimes for misappropriating funds from Hunminjeongeum Entertainment, an agency where she is the effective owner.
According to the prosecution, Hwang embezzled the money in 2022. She allegedly funneled ₩4.2 billion ( $3.1 million) of the company’s money into cryptocurrency investments, which included nearly $600,000 in funds borrowed under the company’s name. The rest of the money was reportedly used to pay for her personal property and local taxes.
During the trial, Hwang admitted to all charges. Her legal team confirmed she has since liquidated personal assets to fully repay the money she took from the company. The repayment was made in two installments in late May and early June, resolving all financial ties between her and the business.
In a statement, Hwang expressed her remorse: “As the sole owner of a corporate entity and not a professional manager, I deeply regret causing concern due to a lack of proper tax and accounting knowledge.”
The court is scheduled to announce Hwang’s final sentence next month.
Hwang Jung Eum Accused of Embezzling $3.1M, Even Paying Off Taxes and Credit Card Bills
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