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.
Chung Mong-koo, the man who turned Hyundai around after the Southeast Asian financial meltdown in 1997, has been given a 3-year suspended sentence by an appeals court for embezzlement and breach of public trust. Chung was arrested in April for having a hand in setting up nearly $74 million in slush funds to pay for political favors.
In an effort to clean up his reputation after a court came down on him with an embezzlement conviction last February, Hyundai Motor Co. Chairman Chung Mong-koo has vowed to give $1.1 billion of his own money in charitable donations over the next seven years. His initial pledge was made last year as he sought leniency from the courts -- both the law court and that of public opinion -- and he reaffirmed his promise recently as he appeals the Seoul High Court to reverse the charges that landed him
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-s
Hyundai chairman Chung Mong-koo put up bail to the tune of $1 million last week to be freed from jail after being imprisoned for two months on corruption charges that involved using company funds for personal and political use. The 68-year-old executive, who showed up to court appearances in a wheel chair, pleaded with the court via his lawyers citing his detiorating health, a major Korean automaker that would be lost without him, and the fact that he has already admitted guilt as reasons that h
Hyundai Motor Co. chair Chung Mong-koo is looking to post bail. The Korean auto executive, currently incarcerated on embezzlement charges, appealed to the Seoul District Court on Friday to release him on bond.
With Hyundai chairman Chung Mong-koo (right) arrested and jailed Friday for alleged embezzlement
and political slush funds in South Korea, the question is: Will the automaker continue to grow at a breakneck pace, or
will mounting legal troubles conspire to take it down a peg or two? The Hyundai executive has been released, but the
ramifications for the automaker (legal and otherwise) would appear to be just beginning.