S Korea court jails prominent tycoon The chairman of SK Group, South Korea's third-largest conglomerate, has been sentenced to four years in prison for embezzlement, amid pressure for tougher action against misconduct at the country's leading business groups. Chey Tae-won, who had been found guilty of having used more than $50m of company funds for personal investments, was told by the sentencing judge on Thursday that his lack of remorse ruled out lenient treatment. The scion of SK Group's founding family, Mr Chey had previously received a three-year jail term for accounting fraud in 2003, but that sentence was suspended after he had served six months in prison. The group includes SK Hynix, the world's second-biggest maker of memory chips by sales, as well as chemicals, construction and telecom companies. No decision has been made on whether Mr Chey will now step down as chairman, the company said. "The judiciary can no longer ignore the public sentiment against corrupt tycoons," said Lee Joon-han, a politics professor at Incheon University. The ruling is positive in terms of strengthening the rule of law. The chairmen of six of the top 10 conglomerates (chaebols) have been convicted of corruption over the past 20 years, but most served no time in prison. Chairmen including Lee Kun-hee of Samsung and Chung Mung-koo of Hyundai, have been given suspended sentences for corruption in recent years. Several later had their convictions annulled by Lee Myung-bak, who has been president since 2008 and was formerly a top executive at Hyundai. Judges have previously justified leniency for chaebol leaders by citing their importance to the national economy and the Korea Chamber of Commerce appealed to this logic in its response to Mr Chey's imprisonment. "We are concerned that this ruling could affect the group's social activities to create jobs and its efforts to improve corporate governance," it said. We expect future generosity [for him] so that he can contribute to the country's economic development. But Mr Chey's imprisonment comes amid a rising tide of popular displeasure at the extent to which the country's huge family-controlled conglomerates are able to operate above the law. Park Geun-hye, who takes over as president next month, has vowed to crack down on corporate malpractice as part of her drive for "economic democratisation." Many foreign investors say they are concerned about corporate governance in South Korea, a factor that contributes to the relatively low market valuation of many Korean companies. Campaigners for greater transparency suggested that Mr Chey's jailing could indicate that courts have begun to respond to popular opinion. In August, Kim Seung-youn, chairman of Hanwha, was also jailed for four years for embezzlement. The immediate jailing of both men contrasts with the suspended sentences that South Koreans have grown to expect for chaebol leaders convicted of graft. In a nod to public sentiment, Mr Lee ruled business leaders out of consideration when he issued presidential pardons earlier this week. However, the 55 people pardoned included former public officials convicted of corruption, which led to the act being condemned by critics including Ms Park. The incoming president's emphasis on the rule of law had helped to change the political atmosphere, said Lee Ji-soo, a lawyer at the Centre for Good Corporate Governance, a research body in Seoul. "The judges realise things are changing," he said. However, Mr Chey's sentence could yet be struck down by an appeal court, he noted.