- Apr 15, 2006
Hyundai Automotive Group scandal heightens
Recent developments in the Hyundai Automotive Group's homeland bribery scandal are seeing the plot thicket. The prosecution announced Thursday that it has evidence supporting the accusation that company executives bribed politicians and government officials in 2001, as part of an effort to write-off bad debts incurred by the company's affiliates.
An arrest warrant is being sought by prosecutors for Kim Dong-hoon, who has admitted to gaining billions of won from Hyundai in order to white-out the company's debts. As one billion won is roughly equivalent to $1M U.S. dollars, this is no small matter.
Investigators are presently trying to determine whether Kim also attempted to lobby bank officials, and it already looks like he delivered some of the money to Korean government administrators.
On Tuesday, accounting firm Samil PricewaterhouseCoopers was raided in a separate probe as part of the investigation of a suspected illegal power shift scam by the automaker.
More international forensic accounting intrigue by following the link.
[Sources: Korea Herld and Stickerland.nl]