Which one is the real shark?
South Korean prosecutors called for the arrest of the head of the Hyundai Motor group on charges of embezzling more than 100 million dollars from the country’s top automaker. Hyundai Motor chairman Chung Mong-Koo, 68, used the money to set up a slush fund to bribe government officials and bankers, prosecutors said.
Chung’s son, Chung Eui-Sun, 35, president of Hyundai Motor affiliate Kia Motors, will also be charged but an arrest warrant has not been sought for him, Chae said.
Prosecutors allege that the Chungs used the multi-million dollar slush to bribe officials and businessmen to win favours, including construction permits and debt write-offs as well as to ease a father-to-son transfer of control.
Kia Motors earlier postponed a groundbreaking ceremony for a 1.2 billion dollar new US plant in West Point, Georgia while Hyundai Motor has put off a similar event in the Czech Republic.
The country’s leading employers association, the Federation of Korean Industries, said it regretted the decision to seek Chung’s arrest. “We are concerned whether the arrest will hinder the group’s global business,” it said in a statement.
The Korea Chamber of Commerce and Industry meanwhile said the arrest of Chung would damage the firm’s image overseas.
They won’t have to worry about US consumers. We’re used to being screwed!
I lived in Korea for about a year, and honestly this isn’t suprising at all. South Korea is a country that runs on bribes, black marketing, and other criminal types of things.
Hyundai does not make full size V8 powered SUVs to my knowledge, so who cares about them.
Same thing as the US, different packaging of its use.
When he started sending Kim Jong-Il cars as gifts someone should have noticed
if you don’t have any responsibility in this mess, you don’t need to have an opinion either.