Yoo Hyuk-gi, the 53-year-old son of Yoo Byung-eun, former chairman of the Sewol Group, has been sentenced to five years in prison for embezzling 25.4 billion won from company subsidiaries. The Incheon District Court's Criminal Division 14, presided over by Judge Son Seung-beom, not only handed down the prison sentence but also canceled his bail, stating that the nature of the crimes was severely poor and there was no effort to compensate victims. The court highlighted that Yoo and his relatives have not shown remorse, despite having been previously convicted in related matters.

From March 2008 to March 2014, Yoo conspired with executives from subsidiaries controlled by his father's associates to siphon off 25.493 billion won under various pretexts, such as trademark licensing fees for photographs and management consulting fees. Rather than using the money for legitimate business, investigators found that the funds were used to purchase overseas real estate and luxury vehicles, and to fund a photography exhibition by his father. Yoo defended his actions by claiming that the money constituted consulting fees or licensing royalties, which the court deemed as mere pretexts.

Following the Sewol ferry disaster in 2014, the prosecutors have been investigating Yoo Byung-eun's family for business misconduct, leading to Yoo Hyuk-gi's deportation from the U.S. in August 2023 after seeking extradition. The court's decision emphasizes the ongoing scrutiny and legal consequences faced by the Yoo family for their involvement in financial crimes associated with their family's business enterprises, marking another chapter in the fallout from the Sewol tragedy.