A Seoul court on Wednesday sentenced the chief of a subcontractor of telecom giant KT Corp.'s financially troubled affiliate to 20 years in prison for masterminding a large-scale loan fraud.
The 46-year-old chief of Joonangtnc Co.Ltd, surnamed Seo, was found guilty of colluding with other employees of KT ENS Co., a subsidiary of the country's No. 2 mobile operator KT Corp., to take out some 1.83 trillion won (US$1.71 billion) in loans from 16 local banks using forged documents from May 2008 to January 2014.