TELETRADER News
2/19, 8:07 AM (Source: TeleTrader)
more TeleTrader news

S. Korean ex-president sentenced to 17 years in jail

An appellate court in Seoul sentenced on Wednesday a former South Korean President Lee Myung-bak to 17 years in prison on bribery and embezzlement charges, ordering him to pay a 13 billion won fine ($10.9 million) and to forfeit 5.78 billion won ($4.86 million) in addition.

The court also removed a bail option for the ex-president that was previously permitted by the lower court decision. Lee is charged with misconduct related to his brother's company DAS that produces auto parts as he embezzled 34.9 billion won ($29.3 million) from DAS and accepted bribes totaling 16.3 billion won ($13.7 million), according to the sentence.

Lee Myung-bak, who served as South Korean president from 2008 to 2013, was previously sentenced to 15 years in jail on the same charges by the lower court.

Breaking the News / GA