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.