Autoblog

Hyundai boss receives pardon from South Korean president

Jonathon Ramsey — Tue, 12 Aug 2008 19:34:00 EST

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]

Hyundai boss receives pardon from South Korean president originally appeared on Autoblog on Tue, 12 Aug 2008 19:34:00 EST. Please see our terms for use of feeds.

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Kia breaks ground in Georgia, rolls back sales target

Frank Filipponio — Fri, 20 Oct 2006 17:57:00 EST

Filed under: Plants/Manufacturing, Kia

We just talked about the fact that Kia and Hyundai were scaling back sales projections for 2006, now we are learning that production will be adjusted as well. After a series of high-level scandals and ensuing postponements, Kia Motors Corp. finally broke ground on its Georgia facility today. And at the company's official groundbreaking ceremony today, it announced some changes. Most important was the announcement about where the new vehicles produced at this plant will be headed.

While Kia had originally projected U.S. sales of 800,000 vehicles a year in 2010, they are now expecting sales to be closer to 650,000 units, according to Kia CEO Chung Eui Sun. Chung and his father, Hyundai-Kia Group Chairman Chung Mong Koo, participated in the ceremonial shovel lift at Kia's first U.S. plant today. The younger Chung said that the billion dollar plant will likely ship its excess production to Latin American markets, possibly including a new-to-Kia market, Mexico. Kia CEO Chung added that production had been tabbed to begin in September 2009, but November 2009 looks more likely now.

Len Hunt, Kia Motors America executive vice president and COO, pointed out that although Kia has only moved 222,000 so far this year, it hopes to reach 300,000: "It will be a bit of a stretch, but the 300,000 target would be psychologically important," Hunt said. "The dealers are really excited that Kia is investing in America, because that's what we're continually asking them to do. It says to them that we're here to stay."

[Source: Automotive News, sub req]

Kia breaks ground in Georgia, rolls back sales target originally appeared on Autoblog on Fri, 20 Oct 2006 17:57:00 EST. Please see our terms for use of feeds.

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Kia chief spared indictment in Korean bribery scandal

Chris Paukert — Sat, 10 Jun 2006 08:03:00 EST

Filed under: Government/Legal, Hyundai, Kia, Earnings/Financials

The South Korean government has decided not to pursue an indictment against Chung Eui Sun, president of Kia Motors. The move not to prosecute apparently stemmed from the fact that his father, Chung Mong Koo (Hyundai Motor chairman) was the one with final authority, and he is being indicted in the bribery scandal.

A spokesman from the prosecutor's office indicates that Chung Mong Koo has confessed to some of the charges, though more specifics were not disclosed.

[Sources: The Standard; Hankooki]

Kia chief spared indictment in Korean bribery scandal originally appeared on Autoblog on Sat, 10 Jun 2006 08:03:00 EST. Please see our terms for use of feeds.

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