• Aug 12th 2008 at 7:34PM
  • 15
In South Korea, economics trumps justice. Chung Mong-koo, the head of Hyundai who recently received a suspended sentence for embezzling and bribes has -- along with 341,000 other businessmen, bureaucrats, and politicians -- been given a full pardon.

President Lee Myung-bak, who said he was "personally against" the decision, decided to issue the pardons anyway. Mong-koo wasn't even in jail, but apparently the convicted and jailed businessmen were "having problems doing business overseas." Go figure.

So on Liberation Day, in hopes that "businessmen would take the lead in reviving the economy by creating jobs through active investment and exploring markets abroad," the bad guys got gifts even better than walking papers. In South Korea, crime does pay... if you have good business sense.

[Source: Reuters]

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    • 1 Second Ago
      • 7 Years Ago
      Well, that just tarnishes the SK government's image. I would have gone all China over him and stood him up against a wall and shot him at the company headquarters.

      Baddabing baddabang.
      • 7 Years Ago
      I have yet to see an industry that doesn't require bribes...so to me its not a big deal...
        • 7 Years Ago
        Wrong vocabulary.
        It's called bribery in Korea, but in America, it's called lobbying.
      • 7 Years Ago
      It should be noted that President Lee Myung-bak was a former chairman of Hyundai Group as well. Not surprising he gave a pardon, he's the very Bush-esque type politician in Korea with many very close ties to big business.
      • 7 Years Ago
      We closed up our Korean operation and moved our business elsewhere due to corruption there. We couldn't get anything done without someone demanding a bribe. This sends a clear signal to the world that laws aren't respected and Korea is NOT where you want to do business.
      • 7 Years Ago
      Steal a dollar, go to jail.
      Steal a million, get award.
      • 7 Years Ago
      Big Asian companies are all dirtier than anything on earth. Well big companies in the US are just as dirty.

      Really all big business is anymore is brides, stock scams, and money laundering.

      CEOs get away with embezzlement, cheating on taxes by millions. Meanwhile a normal person misses a little bit of interest from a savings account and the IRS is all over them.

      It's about time we line up every CEO outside a building and get a new massacre on the callendar. These people are not good at running business, they are good at running scams. The behind the door hiring of a new exectutive must be, How well are you at hiding losses as profit? How good are you at filtering money through dummy corporations to launder money for our investment partners? We know a few guys in Dubai that say they will cut us in for 20% if we can figure out a way to get thier agaenda passed through our board, can you do that?
      • 7 Years Ago
      Not at all surprised. The government is very happy with how the chaebol brought South Korea to be a global economic force. They surely knew what was going on and approved.
      • 7 Years Ago
      Ah the sweet smell of democracy and free-market.
      • 7 Years Ago
      What did you expect? Them to let Hyundai go un-managed?
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