The Supreme Court affirmed a two-year prison term for Hankook & Company Chairman Cho Hyun-bum for misusing company funds. Cho was found guilty of breach of trust and embezzling around 2 billion won. He used corporate cards for personal expenses, had the company driver serve his wife, and purchased vehicles through affiliate companies. Prosecutors alleged misappropriation and embezzlement of funds totaling 20 billion won.
South Korean stocks continued their winning streak, reaching a fourth session high despite initial losses due to heightened tensions in the Middle East. The benchmark Korea Composite Stock Price Index closed at 7,498 points, up 0.11 percent, with heavy trade volume. Institutions and individuals made significant net purchases, countering foreign selling. The recent stock rally was driven by AI-related chip gains and optimism for a U.S.-Iran peace agreement.
