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South Korea court sentences ex-president Park 8 more years in jail

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A South Korean court sentenced former President Park Geun-hye to eight more years in prison on Friday after finding her guilty on charges of causing loss of funds from the state spy agency and interfering in 2016 parliamentary elections.

The Seoul Central District Court ruled that Park, who already received a 24-year jail term over separate corruption charges, colluded with her former aides to cause the loss of government funds worth 3.3bn won ($2.91m) from the National Intelligence Service.



“The accused received some three billion won over three years from the three NIS chiefs. Through this crime, the accused incurred a considerable amount of loss to the state treasury,” said senior judge Seong Chang-ho at the Seoul Central District Court.

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Three former NIS chiefs testified they had funnelled the funds to Park on her orders, the court said.

The judge rebuked Park, who denied the charges, for being “uncooperative” throughout the court hearing and questioning by prosecutors.

She was also found guilty of interfering in the then-ruling Saenuri Party’s selection of candidates for the parliamentary election.

Prosecutors had earlier demanded a 15-year sentence for Park. 

Park, 66, has denied wrongdoing and was not present in court. She was found guilty by a lower court in April of separate charges including bribery, abuse of power and coercion. She was also fined $16m. 

She now faces a total of 32 years in prison. 

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Impeached and removed from office

In December 2016, South Korean legislators overwhelmingly voted to impeach Park but she refused to resign, offering instead an apology while denying any legal wrongdoing.

Three months later, the eight-member Constitutional Court voted unanimously to remove her from office.

She was charged and arrested soon after her dismissal from office in 2017. 

She is the daughter of another former president, Park Chung-hee, who seized power in 1961 and was assassinated eight years later.

Park could potentially get an even longer jail time depending on the rulings of the appeals courts.

Following the earlier ruling in April, prosecutors appealed Park’s 24-year term on charges including bribery and abuse of state power and are now demanding 30 years in prison.

The Seoul High Court will rule on the case on August 24.

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Business

Nigeria: CBN monetary policy rate remains at 14%.

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The Monetary Policy Committee of the Central Bank of Nigeria on Tuesday left the Monetary Policy Rate unchanged at 14 per cent.

The CBN Governor, Mr Godwin Emefiele, announced the decision of the committee at the end of a two-day meeting held at the apex bank’s headquarters in Abuja.



He explained that all the eleven members of the committee that attended the meeting agreed to maintain the current monetary policy stance.

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He said apart from the MPR which was retained at 14 per cent, the committee also retained the Cash Reserves Ratio at 22.5 per cent.

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Also retained are the Liquidity Ratio which was left at 30 per cent; and the Asymmetric Window which was left at +200 and -500 basis points around the MPR.

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Motherland News

Nigeria: Council of State reaches final pegs new minimum wage at 27,000

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The National Council of State presided over by President Muhammadu Buhari has approved the sum of N27,000 as the new minimum wage.



The national council approved the sum during an ongoing meeting at the Presidential Villa in Abuja.

The meeting had in attendance former presidents like Olusegun Obasanjo, Goodluck Jonathan and the Senate President, Bukola Saraki, among others.

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