Hyundai is looking to expand and the South Korean automaker has its eyes set on its nations largest construction firm, Hyundai Engineering. The Hyundai Motor Group, led by Chairman Chung Mong Koo, is seeking majority ownership in the building company and has just gotten a boost towards its goal thanks to the removal of a major roadblock.
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).