This photo provided by Osstem Implant Co. shows the dental implant maker’s headquarters in western Seoul.
SEOUL, Jan. 11 (Korea Bizwire) — A former employee of dental implant maker Osstem Implant Co. was sentenced to 35 years in prison Wednesday for embezzling company funds worth 221.5 billion won (US$178.1 million).
The Seoul Southern District Court also ordered the former employee, known by his surname Lee, to forfeit 115.2 billion won and pay a fine of 30 million won.
Lee was indicted on charges of embezzling the company funds between November 2020 and October 2021 in collaboration with his family while serving as the head of the firm’s finance department.
He transferred the money through multiple bank accounts for investment in shares and other private purposes.
The court said Lee appeared to have attempted to stash away the embezzled money for use after he gets out of prison, adding it decided on the sentence to prevent a situation where he “enjoys criminal profits after his release.”
In the same ruling, the court also sentenced Lee’s wife to three years in prison for colluding with him in concealing criminal proceeds. His sister and sister-in-law were each sentenced to two years, suspended for three years, for the same charge.
Prosecutors earlier sought a life imprisonment for Lee, saying the amount of embezzlement is the largest since the Act on the Aggravated Punishment of Specific Economic Crimes came into effect.
Established in 1997, Osstem Implant is the country’s largest manufacturer of dental implants. The company also holds the largest market share in the Asia-Pacific region and is fourth in the global market.
(Yonhap)
