South Korea jails two former maritime bosses

The Seoul Central District Court in South Korea has sentenced Choi Eun-young, formerly chairwoman of the defunct Hanjin Shipping, to 18 months in prison for insider trading. Eun-young was found guilty of selling off her family-stake in the shipping company just days before it declared a debt restructuring plan and applied for debt protection. She was fined the equivalent of $1.09m. By selling the stake, her family was said to have avoided losses of up to KRW1bn ($915,000), according to Yonhap news agency.

Earlier the same court had jailed Nam Sang-tae, the former CEO of Daewoo Shipbuilding and Marine Engineering (DSME), to six years in prison after he was found guilty of accounting fraud, embezzlement, breach of duty and bribery. Nam Sang-tae was the CEO of DSME between 2006 and 2012.