The Seoul High Court has upheld a two-and-a-half year prison sentence for former health minister Moon Hyung-pyo. He was indicted on suspicions of pressuring the National Pension Service(NPS) to vote in favor of Samsung C&T's merger with Cheil Industries in a shareholder meeting in July of 2015.
The court on Tuesday upheld the Seoul Central District Court’s ruling issued in June that Moon seriously damaged the pension agency’s independence and shareholder value by applying pressure on it.
The high court also sentenced Hong Wan-sun to two-and-a-half years in prison for misappropriation, the same sentence handed out by the Seoul Central District Court in June.
Hong, who used to head the NPS’ investment management office, was charged with bringing about significant losses to the pension agency by ordering members of the NPS’ investment committee to vote in favor of the merger.