An appeals court has upheld a lower court decision to sentence a relative of former Justice Minister Cho Kuk to four years in prison for violating capital market laws and other charges. 

The Seoul High Court on Friday delivered its verdict on Cho Beom-dong and also upheld the Seoul Central District Court's order for him to pay 50 million won in fines. 

The 38-year-old was convicted of attempting to manipulate stock prices for a private equity fund of which he was a de-facto owner, and embezzling assets of some of the companies the fund invested in. The amount of money the court judged he embezzled and misappropriated stood at seven-point-26 billion won. 

The case drew attention as he was also suspected of helping invest money belonging to the ex-minister’s wife through the fund and of committing some of the illegalities in collusion with her. 

The court, however, did not acknowledge the alleged collusion and said there was no evidence the convicted crimes were committed under the auspice of powerful figures.