CJ Group Chairman Lee Gets Reduced Prison Term for Second Time
- Tycoon sentenced to two years and six months in prison
- CJ Group says it's `devastated' Lee jailed despite his health
This article is for subscribers only.
Lee Jay Hyun, the ailing chairman of South Korea’s CJ Group, had his prison term reduced for a second time.
Lee, 55, who controls a conglomerate with businesses spanning from food to media and entertainment, was sentenced Tuesday to 2 1/2 years in prison, according to Seoul High Court spokesman Lee Ho Jae. In February 2014, Lee was sentenced to four years in prison and fined 26 billion won ($22 million) for embezzlement, breach of fiduciary duty and tax evasion, but the sentence was reduced to three years and the fine trimmed to 25.2 billion won on appeal.