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Kim Kyung-joon, the man at the heart of an investment scandal that at one stage threatened to engulf President Lee Myung-bak, has been sentenced to 10 years in prison and a fine of W15 billion (US$1=992). The Seoul Central District Court on Thursday said Kim embezzled W31.9 billion by luring investors after forging documents and manipulating stock prices. ¡°He carried out the crime involving huge amounts of money meticulously,¡± the court said, adding it was ¡°inevitable to impose harsh penalties¡± because he showed no remorse or inclination to repay the debts from the boiler-room operation.
Prosecutors had sought a 15-year prison term and a fine of W30 billion. Before reading the verdict, presiding judge Yoon Kyong said, "The so-called 'BBK scandal' is not a Korean version of the Dreyfus affair¡± -- a reference to Kim¡¯s ham-fisted attempts to present himself as the fall guy in a conspiracy -- ¡°but simply a financial offense perpetrated with a meticulous plan to increase his own assets. To cover up the true nature of his crime, Kim made the most of Korea as a stage for his scam."
The court upheld most charges against him provided by prosecutors and a special counsel as a result of their respective inquiries. The BBK scandal shook the country in the run-up to the presidential election last year. Thursday¡¯s decision puts the blame firmly on Kim¡¯s shoulders.
(englishnews@chosun.com )
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