Pastor Cho gets suspended jail term

By Kim Da-ye

Cho Yong-gi

Korean megachurch leader Cho Yong-gi was sentenced to a three-year prison term suspended for five years after being found guilty of causing massive financial losses to the church and tax evasion. He was also fined 5 billion won.

Cho’s son, Cho Hee-jun, was immediately taken into custody following a court order after being sentenced to three years in prison.

Seoul Central District Court ruled that Cho, founder and pastor of the Yoido Full Gospel Church, caused financial loses worth 13.15 billion won to the church by making it buy 250,000 shares of a company for 21.75 billion won. Each share was valued at around 34,386 won, but was purchased for 86,984 won.

Cho, who leads the world’s largest Christian church congregation, approved the transaction at the request of his son who wanted to cover up losses incurred by his business.

“Cho Hee-jun led the breach of trust, and took the profits from the crime,” the court said.

The presiding judge of the three judge panel said the court considered Cho Yong-gi’s contribution to society as a religious leader in deciding on a suspended sentence.

In July 2000, Cho Hee-jun was running Next Media Corporation (NMC), which was in financial difficulties. He got the Kookmin Ilbo, a newspaper owned by the megachurch, to buy shares in NMC at prices above their then market value.

When the newspaper union discovered the purchase, he ordered a non-profit organization he chaired to buy the shares for 20 billion won.

In November 2001, in order to conceal the fact that the non-profit organization was coerced to buy the shares, he asked his father to order Yoido Full Gospel Church to buy the shares at an unreasonably high price.

When the church acquired the shares, Cho Yong-gi did not pay gift taxes worth some 7.5 billion won.

Cho Hee-jun made no comment when the court gave him the chance to speak before being taken into custody. Cho Yong-gi was escorted to his black sedan by his supporters, some of whom scuffled with journalists waiting outside.

Cho founded the megachurch in 1958, with a membership of more than 450,000.