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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 he shouldn’t be imprisioned.
Chung apologized both in a letter and before the court, admitting wrongdoing. He faces up to life in prison if convicted.
[Source: Yahoo! News]