Hyundai Chairman sentenced to 3 years in jail
Most consumers and car enthusiasts in the U.S. have had no idea that the turmoil atop Hyundai's executive ladder had gotten this bad. Today, the chairman of Hyundai Motor, Chung Mong-koo, 68, was convicted and sentenced to three years in a South Korean prison for embezzling $67 million USD and spending it on himself and bribes for politicians and lobbyists. He was also charged with financially damaging other companies through deals that benefiited the financial standing of him and his son, Eui-son, the head of Kia Motors.
Chung was arrested last April, spent a couple months in jail, and returned to work at Hyundai in July. In his absence, Hyundai workers went on strike in South Korea and Kia's new manufacturing plant in West Point, Georgia didn't get built. He is expected to appeal the three-year sentencing and may get off with a suspended sentence and no jail time, as just-auto reports the appeal courts in South Korea often hand out more lenient sentences to business tycoons. Chung will remain free while appealing his sentence, which could take up to a year, so no disruptions are expected at Hyundai on account of the ruling at least in the near future.
[Source: Just-auto]
Reader Comments (Page 1 of 1)
david 2:16PM (2/05/2007)
anyone want to buy my hyundai stock cheap? please hurry!
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HotRod 2:40PM (2/05/2007)
Actually the Kia plant in Georgia WILL be/is being built. It was just delayed a little.
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Paul 3:36PM (2/05/2007)
Wow, is this why Hundai's have such aweful long term dependability ratings?
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ORoad 9:50AM (2/06/2007)
Now, be nice.
Mr. Mong-Koo was just learning the capitalist ways.
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fizzandpop 5:52PM (2/05/2007)
He actually got three years or 50,000 miles, which ever is sooner. (Rim shot!)
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paul34 6:26PM (2/05/2007)
this guy obviously forgot about actually paying a few of his bribes
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Brian W 10:26PM (2/05/2007)
When he went to prison the first time Hyundai fell apart at home. He is lucky they only gave him 3 years, probably because they are afraid of what it will do to the economy.
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jc. 5:42PM (2/07/2007)
Phil,
Shouldn't you target the anger towards NHTSA and IIHS for accepting the bribe more (if what you're saying is tru)?? I mean the companies are there to make money, and Hyundai didn't fail on that, but NHTSA and IIHS failed to protect the potential costumers. I'm not saying what Hyundai did was good either.
And just because one company did something bad, doesn't speak for the whole Korean companies and her people. So according to your theory,
HYundai= ruthless
Hyundai=Korean
Korean=ruthless?
It's like saying,
I can swim
fish can swim.
Therefore I'm a fish... Wow,I dunno how ur litto brain functions, it just doesn't click for me.
PS what did they steal from Toyota? Your brain, apparently is able to outspeed ur typing! You must type like a word per hour.
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Harrison Steinberg 1:05PM (3/17/2007)
You know what - folks, the fucking Koreans are truly a special breed. They think they're absolutely the smartest and hottest shit in the world. But hey, the whole fucking shitty little country had to be bailed out by IMF and World Bank just a few years ago; otherwise they would have been crying for mommy the next day and starved to death like their northern brothers. I can go on and on and on... but hey, they're just not worth my time. The bottom line is: The Koreans are simply worthless scums, period.
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