Political lobbying is a crime in South Korea, who knew? Prosecution officials in South Korea have barred ten Hyundai higher-ups from leaving the country, sacked their offices and actually arrested the CEO of one of the company's affiliates as they're investigated for lobbying politicians illegally. The beefs prosecutors are pursuing involve slush funds, particularly those allegedly held by Hyundai affiliate Glovis Co. Ltd., 60 percent of which is owned by Chung Mong-koo (head of Hyundai, pictured) and his son, Chung Eui-sun (prez of Kia).
The bust won't do much to the auto group's bottom line, however -- analysts expect that Hyundai and its affiliates might take an initial moral beating in the markets, but nothing lasting that will plague them.
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