Former Hanjin Shipping boss jailed for insider trading

Former Hanjin Shipping boss jailed for insider trading

Choi Eun-young, 55, the former chairwoman of now-defunt Hanjin Shipping was handed an 18-month jail sentence by a court in Seoul today, convicted of insider trading.

Choi was sentenced for her family’s decision to sell off their stake in the Korean line days ahead of Hanjin announcing a court-led debt restructuring. The debt restructuring ultimately failed and Hanjin became the most high profile bankruptcy in the 62-year history of container shipping.

The court also ordered Choi to pay a KRW1.2bn ($1.09m) fine and forfeit KRW503m.

Choi is the wife of the late Cho Su-ho, the younger brother of Hanjin Group chairman Cho Yang-ho, who also runs the country’s top air carrier Korean Air. She took over the management control of Hanjin Shipping in 2006 after her husband’s death and headed the company until April 2014.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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