- Apr 20, 2006
Hyundai apologizes one billion times for its bribery scandal
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; Autodrom.lu]