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Hyundai chairman to be indicted Tuesday
Chung Mong-koo, chairman of the Hyundai Motor Group, will be indicted by the South Korean government Tuesday, as the Hyundai bribery scandal worsens. A spokesperson for the state prosecutor's office said to Reuters that additional indictments will be forthcoming for the chairman's son (president of Hyundai's Kia Motors subsidiary) and other Hyundai group officials. Hyundai's share price took another hit on the news (highlighted area in the chart above).
The charges center on the misappropriation of company funds and bribery of government officials. Investment analysts are considering the possibility that the scandal could leave a leadership vacuum at Hyundai, just when the company is in a push to become the fifth-largest global automaker by 2010 (it is currently number seven).
[Source: Reuters, Hyundai]
Reader Comments (Page 1 of 1)
bob 8:06PM (5/15/2006)
Buy now because these stocks have value and just because the top dog is in trouble, value is value. This will eventually blow over. There may or may not be a new top dog in the end but Hyundai is charting a course in quality! Therefore these stocks are undervalued for now but will continue to rise in the future.
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Leo 7:43AM (5/16/2006)
So, is that chart the torque curve of a Sonata?
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VL 8:32AM (5/16/2006)
Don't knock the new Sonata. The Audi A6 and Honda Accord copied Hyundai's design.
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Meek 11:14AM (5/16/2006)
And Hyundai copied Honda's logo.
I don't see Hyundai reaching 5th by 2010, unless one of the Big 3 go out of business. The top 3 still have a lot, and Toyota and Honda are growing nicely.
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