June 25, 2018

Former finance minister gets 4-year jail term for graft

PUBLISHED : May 19, 2017 - 14:29

UPDATED : May 19, 2017 - 14:29

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[THE INVESTOR] Former Finance Minister Kang Man-soo was sentenced to four years in prison on May 19 on multiple corruption charges.

The Seoul Central District Court convicted Kang, also the former head of Korea Development Bank, of pressuring the government to designate a biotech firm run by his friend as a business partner and provide billions of won in subsidies in December 2009. The court ordered him to pay a fine of 50 million won (US$44,000).

Kang was the country’s finance minister from 2008 to early 2009 and served as presidential economic adviser and chief of a presidential committee on industrial promotion between 2009 and 2011 before leading the state-run bank from 2011 to 2013.

“The defendant abused his status and power to peddle influence for his acquaintances,” the court said.

A series of corruption allegations emerged after prosecutors launched a full-fledged investigation into the financially troubled shipbuilder last year. A trial on Nam is under way over multiple corporate crime allegations.

By Alex Lee and newswires (

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