Forbes India 15th Anniversary Special

Billionaires with Criminal Records

The plutocrats in the pokey

Published: Mar 27, 2014 06:03:56 AM IST
Updated: Mar 27, 2014 10:55:53 AM IST

Billionaires with Criminal Records
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.

Billionaires with Criminal Records




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.


Billionaires with Criminal Records


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.


Image- Chey Tae-Won: Kim Jae-Hwan / AFP / Getty Images; Domenico Dolce, Stefano Gabbana:Venturelli / Wireimage; Wong Kwong Yu:Kim Jae-Hwan / AFP / Getty Images


(This story appears in the 04 April, 2014 issue of Forbes India. To visit our Archives, click here.)