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    Korea
     Feb 6, 2007
Hyundai boss jailed for three years

SEOUL - A court in Seoul on Monday sentenced Chung Mong-koo, chairman of Hyundai Motor Group, the world's sixth-largest auto maker, to three years in jail for breach of trust and embezzling company funds.

Chung, 68, was arrested last April on charges that the conglomerate raised a huge amount of slush funds through its affiliates to bribe politicians and government officials.

He was charged with embezzling company funds worth 90 billion won (US$96 million) and causing more than 210 billion won in



losses to key affiliates of the auto maker by forcing them to support less stable affiliates financially.

After spending two months in jail, Chung was released on bail of 1 billion won in June.

(Asia Pulse)

 

 
 



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