A defendant shall be punished by imprisonment for two years.

Punishment of the crime

"2014 Gohap202"

1. A violation of the Act on the Aggravated Punishment, etc. of Specific Economic Crimes (Embezzlement) is the representative director of the iron wholesale and retail company E (E).

On April 17, 2009, the Defendant: (a) received and kept government-funded steel bars from the Victim Hyundai Steel Co., Ltd. (hereinafter “Modern steel”) and the Victim Hyundai Steel; and (b) entered into a contract with the Public Procurement Service or each end-user institution to supply the said steel bars.

From October 2013 to December 2013, the Defendant was supplied with KRW 1,824 tons of government-funded steel bars, such as “drawing steel bars for construction of the Gu,” from the victim’s office located in Cheongju-si, and was in custody for the victim. From October 2013 to April 2014, the Defendant embezzled the amount of KRW 1,824 tons of the said steel bars and the market price of KRW 1,824, and KRW 1,431,152,976 at his/her discretion.

"2014 Gohap214"

2. Around January 2014, the Defendant was in a state of preference in which the credit liability for the modern steel arising from the operation of E was in excess of the value of the collateral offered to the modern steel in order to secure the goods price liability. The status of the modern steel intermediate storage unit for the modern steel has been revoked because it was no longer possible to receive the goods despite receiving the pre-paid payment at another construction site or the government-funded construction site, and thus, it was no longer possible to receive the pre-paid payment from the modern steel. The claim held by the said company is merely a claim that was embezzled by the above E accounting staff of the company or the price that was not received after being supplied with the steel at the construction site, and there is no possibility of collection at any time and there is no other fund to purchase the steel, and thus there was no intention or ability to supply the re-finite (HD10m/m) produced from the modern steel to the representative of H Co., Ltd. (hereinafter “H”).

Nevertheless, on January 7, 2014, the defendant is the head of H office in the E office located in the reasonable area of Cheongju-si.