THE head of South Korea's third largest conglomerate, the SK Group, has been sentenced to four years in jail after being convicted of embezzling almost $US50 million ($A48.27 million).
The sentence passed on Thursday was seen as relatively tough in a country where convicted business tycoons are often given suspended prison terms in recognition of their apparent contribution to the national economy.
The court ruled that Chey Tae-Won, 53, had embezzled 49.7 billion won ($A44.02 million) from two affiliates and funnelled the money into a firm for investments in stock futures and options in 2008.
The SK Group boss had remained free since he was indicted a year ago.
Chey would appeal the verdict, said the energy-to-telecom conglomerate, which includes top mobile carrier SK Telecom.
It was not Chey's first conviction.
In 2003 he was sentenced to three years in prison for his role in a $US1.3 billion accounting fraud.
He was released after just seven months and in 2008 was granted a full presidential pardon.
It is not unusual for senior executives with convictions for crimes including tax evasion and embezzlement to remain in charge of South Korea's family-dominated conglomerates.
The Seoul Central District Court said in a statement that Chey had betrayed the public trust in his group.
"He should be reproached for using subsidiaries as a tool for his crime," it said.
Chey's younger brother and group vice chairman Chey Jae-Won was acquitted on charges that he was a knowing accomplice to the embezzlement.
South Korea has a long history of pardoning powerful tycoons.
Hyundai Motor head Chung Mong-Koo, who had been convicted of embezzlement and other charges, was pardoned in 2008, and Samsung Electronics chairman Lee Kun-Hee - convicted of tax evasion - was pardoned in 2009.
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