As the fallout from the Korean government's investigation into Hyundai Motor Co. begins to impact company operations, both Hyundai and subsidiary Kia Motors have postponed construction of new manufacturing facilities in Europe and the U.S.
- Stuart Waterman
- May 15, 2006
Chung Mong-koo, chairman of the Hyundai Motor Group, will be indicted by the South Korean government Tuesday, as the Hyundai bribery scandal worsens. A spokesperson for the state prosecutor's office said to Reuters that additional indictments will be forthcoming for the chairman's son (president of Hyundai's Kia Motors subsidiary) and other Hyundai group officials. Hyundai's share price took another hit on the news (highlighted area in the chart above).
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