Feb 5, 2007
[news] Hyundai Motor boss guilty of embezzlement
Wow. I was browsing through ChannelNewsAsia and this caught my attention. Â
SEOUL : The head of South Korea’s largest automaker Hyundai Motor was convicted Monday and jailed for three years for creating a multi-million dollar slush fund to bribe politicians and officials.Chung Mong-Koo, 68, was found guilty of embezzling around 90 billion won (US$96 million) through fraudulent accounting and of breach of trust, in what a Seoul court called a “clear-cut criminal act.”
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“Hyundai Motor is now at a critical juncture. If Chung goes back to prison, it is certain to hurt the company’s image abroad, dealing a blow to its investment plans and decision-making process,” Kyobo Securities analyst Lim Chae-Koo told AFP.
Embezzling 90 billion  (equivalent US$96million) is what I cannot imagine myself doing. Hold on. He used the huge amount to bribe politicians and officials.
I really wonder what will become of South Korea’s economy in the near future. Will much people still believe in Hyundai cars in future?
I’m still interested in knowing why he bribed the officials. It’s not covered in news. Someone fill me in please.
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