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Chey Tae-Won
South korea $2.5 Billion
The heir to South Korean industrial group SK Holdings is serving a four-year sentence for embezzling $47 million from his companies. He hired a reputed fortune-teller named Kim Won-Hong to run his investments, and as losses mounted, Chey funnelled corporate cash to him. Kim has been extradited from Taiwan to South Korea.
Domenico Dolce and Stefano Gabbana
Italy $3.3 Billion
The fashion power duo was recently sentenced to 20 months in prison for hiding profits to avoid more than $570 million in taxes. In what the judge called “sophisticated tax fraud”, they sold two of their brands to a holding company in Luxembourg, a notorious tax haven. They’re going to appeal, but if the conviction holds, they’ll be on the hook for a reported $470 million.
Wong Kwong Yu
China $1.55 Billion
He left school and his impoverished family at 16 by 36 he was the billionaire founder of the Gome chain of retail stores. Now he’s serving a 14-year sentence for insider trading and corruption. He and his associates bribed police and tax officers in return for “corporate favours”, and he made $300 million trading shares based on confidential information.
First Published: Mar 27, 2014, 06:03
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