Chung Mong-koo, the man who turned Hyundai around after the Southeast Asian financial meltdown in 1997, has been given a 3-year suspended sentence by an appeals court for embezzlement and breach of public trust. Chung was arrested in April for having a hand in setting up nearly $74 million in slush funds to pay for political favors.
We've all been frustrated with the Big 2.5 domestic automakers lately. While they've made enough bad decisions in the past to draw our ire, that's no reason to go threatening the auto execs with bodily harm. That's what one 30-year-old man from Yale, Michigan did. Patrick W. Hufford Jr. called into the Oakland Press on Monday and left a message threatening each CEO with "great bodily harm" if things didn't get better by April 1st.
Most consumers and car enthusiasts in the U.S. have had no idea that the turmoil atop Hyundai's executive ladder had gotten this bad. Today, the chairman of Hyundai Motor, Chung Mong-koo, 68, was convicted and sentenced to three years in a South Korean prison for embezzling $67 million USD and spending it on himself and bribes for politicians and lobbyists. He was also charged with financially damaging other companies through deals that benefiited the financial standing of him and his son, Eui-s