▲ In this file photo, the key suspect in the embezzlement scandal involving Osstem Implant is being transferred to the prosecution on Jan. 4, 2022. (Yonhap)

Osstem Implant-embezzlement

Ex-Osstem Implant employee gets 35-yr prison term for massive embezzlement

By Kim Han-joo

SEOUL, Jan. 11 (Yonhap) -- A former employee of dental implant maker Osstem Implant Co. was sentenced to 35 years in prison Wednesday for embezzling company funds worth 221.5 billion won (US$178.1 million).

The Seoul Southern District Court also ordered the former employee, known by his surname Lee, to forfeit 115.2 billion won and pay a fine of 30 million won.

Lee was indicted on charges of embezzling the company funds between November 2020 and October 2021 in collaboration with his family while serving as the head of the firm's finance department.

He transferred the money through multiple bank accounts for investment in shares and other private purposes.

In the same ruling, the court also sentenced Lee's wife to three years in prison and his sister-in-law to two years, suspended for three years, for colluding with him in concealing criminal proceeds.

Established in 1997, Osstem Implant is the country's largest manufacturer of dental implants. The company also holds the largest market share in the Asia-Pacific region and is fourth in the global market.

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