As part of an act of contrition for the bribery scandal rocking Hyundai Motor Group, the company is donating $1.05 billion dollars to charity. The word came Wednesday as Hyundai vice chairman Lee Jeon-kap issued a formal apology for the corporate malfeasance currently under investigation.

The donation will come in the form of 22.5 million shares of stock in Hyundai subsidiary Glovis, owned by Chung Mong-koo (HMG's chair) and son, Chung Eui-sun, president of Kia Motors. The shares are said to be valued at over $1 billion dollars.

Apparently, this type of corporate mea culpa is accepted practice for Korean business scandals, as earlier this year, conglomerate Samsung expressed regret over its own corruption charges with a nearly $850 million dollar donation.

Despite the pledges, neither Hyundai nor Samsung has named the beneficiary of their largesse, let alone transferred any monies.

[Sources: JoonAng Daily;]

I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.

    • 1 Second Ago
  • 2015 Toyota Highlander
    MSRP: $29,765 - $44,140
    2015 Jeep Grand Cherokee
    MSRP: $29,995 - $64,895
    2015 Honda Accord
    MSRP: $22,105 - $33,630
    2015 Honda Civic
    MSRP: $18,290 - $26,740
    2015 Mazda Mazda3
    MSRP: $16,945 - $25,545
    Share This Photo X