Hyosung exec to serve jail time for obstructing justice in ATM merger investigation
May 03, 2012
Kyoungwon Pyo, senior vice president for corporate strategy of Hyosung Corporation, has agreed to plead guilty to obstruction of justice. Hyosung is an affiliate of Nautilus Hyosung Holdings. In 2008, the DOJ was investigating Nautilus' proposed acquisition of Triton Systems. Pyo altered, and directed subordinates to alter, documents before submitting them to the DOJ and FTC for Hart-Scott-Rodino premerger filings. Pyo then falsified additional documents after a DOJ request to "misrepresent and minimize the competitive impact of the proposed acquisition."
Nautilus Hyosung Holdings has already pleaded guilty to obstruction of justice in October 2011 and paid a $200,000 criminal fine. Pyo will serve five months in prison.
Full content: Marketwatch
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