SEOUL– Park Sam-koo, former chairman of Kumho Asiana Group, was released on bail Tuesday, six months after he was arrested on charges of embezzlement and breach of trust, according to sources.
The 76-year-old tycoon stands on trial on charges of unfairly mobilizing Asiana Airlines and other group companies to support Kumho Buslines, a family-controlled company. He was arrested in May.
The Seoul Central District Court accepted Park’s request for bail, allowing him to undergo the remaining trial without detention, according to informed sources.
Park resigned as chairman of Kumho Asiana Group and Asiana Airlines in 2019 to take responsibility for an accounting scandal at the nation’s second-largest airline.
He is also accused of inflicting losses on Asiana by underselling its shares to other family-controlled affiliates and signing a meal provision deal with a Swiss company below market value, which led to personal gains.
Source: Yonhap News Agency