Hyundai chair hopes to make bail

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.

Interestingly, a petition has been circulating among the Korean auto industry for the release of Chung Mong-koo's son, Chung Enui-Sun, who has also been jailed. The latter is  head of sister-company Kia, and supporters of the petition are pleading for his temporary release, out of fear that a prolonged incarceration will greatly damage the country's auto industry.

Word on Chung Mong-koo's bail status is expected to take around a week.

[Sources: The Associated Press via BayNews9; Korea Herald]