Report: Hyundai chairman Chung ordered to repay $60M to automaker following conviction
While Chung was able to forgo prison time and job loss for his actions, he's reportedly getting a pretty considerable financial slap on the wrist for his wrongdoing. BusinessWeek reports that the Seoul Central District Court has ordered Chung to pay Hyundai 70 billion won ($60 million in U.S. funds) for his past transgressions. Former vice chairman Kim Dong Jin was also hit with a big-time fine of 55 billion won ($47 million U.S.) for his role in the embezzlement case.
While a total of over $100 million is a monumental fine, the Solidarity for Economic Reform group that led shareholders in the lawsuit against the executives wanted a lot more. The SER was looking for damages in the neighborhood of 563.1 billion won ($485 million U.S.) in damages and the group will reportedly appeal to a higher court for more money.
[Source: BusinessWeek | Image: Hong Jim-Hwan/AFP/Getty Images]
- Most and least efficient car companies
- Fastest-depreciating cars in the United States
- Find and compare 2017 Models