South Korea ferry owner’s son jailed three years for embezzlement

The son of the South Korean tycoon blamed for April’s ferry disaster was sentenced to three years in prison on Wednesday for embezzlement, the first sentencing of any member of the reclusive billionaire family on charges linked to the sinking.

Yoo Dae-kyun, 44, was found guilty of siphoning off some US$7.2 million from Chonghaejin Marine Company, the operator of the stricken ferry, and its six sister companies between 2002 and late last year.

“The accused is found guilty of embezzlement ... He exploited his status as the eldest son of Yoo Byung-eun for embezzlement,” the Incheon District Court in the western port city of Incheon said.

Prosecutors had sought a four-year jail sentence for Yoo.

Three other family members – Yoo Dae-kyun’s mother and two uncles – have also been arrested on charges of embezzlement from the business group.

Yoo’s sister, Yoo Sum-na, is currently fighting extradition from France on similar charges. A Paris court of appeal will rule on Wednesday on her extradition.