Hyundai Chairman sentenced to 3 years in jail

Just_me · 02-05-2007, 02:02 PM

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-son, the head of Kia Motors.

Chung was arrested last April, spent a couple months in jail, and returned to work at Hyundai in July. In his absence, Hyundai workers went on strike in South Korea and Kia's new manufacturing plant in West Point, Georgia didn't get built. He is expected to appeal the three-year sentencing and may get off with a suspended sentence and no jail time, as just-auto reports the appeal courts in South Korea often hand out more lenient sentences to business tycoons. Chung will remain free while appealing his sentence, which could take up to a year, so no disruptions are expected at Hyundai on account of the ruling at least in the near future.

Giannis · 02-05-2007, 03:11 PM

Damn, and i thought he was arrested because of the crappy cars Huyndai makes.. D:

cawimmer430 · 02-12-2007, 04:51 AM

I think a few years ago, another Hyundai bigshot committed suicide by jumping off a building: the reason? Corruption.

Someone correct me if I am wrong.

rev · 02-13-2007, 08:20 AM

Quote:

Originally Posted by cawimmer430

I think a few years ago, another Hyundai bigshot committed suicide by jumping off a building: the reason? Corruption.

Someone correct me if I am wrong.

I think it was Chung Mong-Hun, Chairman of Hyundai Asan which is a part of the giant Hyundai conglomerate. He committed suicide in 2003.

Mirage77 · 02-13-2007, 08:22 AM

Hyundai bigshot committed suicide by jumping off a building: the reason? Corruption.

Hyundai Chairman sentenced to 3 years in jail

Hyundai seems to be in deep sh*t.

j/k

Mikael · 02-13-2007, 11:32 AM

The designer of SSangyong Chairman should be sent to jail.

The Emperor · 02-13-2007, 11:37 AM

Quote:

Originally Posted by bmer

The designer of SSangyong Chairman should be sent to jail.

2nd that!

Mirage77 · 02-14-2007, 04:28 AM

Quote:

Originally Posted by bmer

The designer of SSangyong Chairman should be sent to jail.

Scratch that. The designer of ALL Ssangyong cars should be jailed.

cawimmer430 · 02-16-2007, 02:16 PM

Quote:

Originally Posted by bmer

The designer of SSangyong Chairman should be sent to jail.

3rd that!

Kowalski · 02-16-2007, 02:53 PM

Quote:

Originally Posted by Mirage77

Scratch that. The designer of ALL Ssangyong cars should be jailed.

Yeah.

And the designer of the Ssangyong Rodius should have the right hand chopped off and shot in the left hand just for good measure.

02-05-2007, 02:02 PM	#1 (permalink)
Just_me Expert Join Date: Sep 2005 Location: Sweden Posts: 12,612 Thanks: 741 Thanked 2,035 Times in 1,028 Posts	Hyundai Chairman sentenced to 3 years in jail 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-son, the head of Kia Motors. Chung was arrested last April, spent a couple months in jail, and returned to work at Hyundai in July. In his absence, Hyundai workers went on strike in South Korea and Kia's new manufacturing plant in West Point, Georgia didn't get built. He is expected to appeal the three-year sentencing and may get off with a suspended sentence and no jail time, as just-auto reports the appeal courts in South Korea often hand out more lenient sentences to business tycoons. Chung will remain free while appealing his sentence, which could take up to a year, so no disruptions are expected at Hyundai on account of the ruling at least in the near future.

02-05-2007, 03:11 PM	#2 (permalink)
Giannis Devotee Join Date: Oct 2005 Location: Patra, Greece Posts: 3,489 Thanks: 140 Thanked 217 Times in 165 Posts	Re: Hyundai Chairman sentenced to 3 years in jail Damn, and i thought he was arrested because of the crappy cars Huyndai makes.. D:

02-12-2007, 04:51 AM	#3 (permalink)
cawimmer430 Contributor Join Date: Oct 2005 Location: Mühldorf am Inn, Germany Posts: 6,256 Thanks: 2,385 Thanked 1,759 Times in 835 Posts	Re: Hyundai Chairman sentenced to 3 years in jail I think a few years ago, another Hyundai bigshot committed suicide by jumping off a building: the reason? Corruption. Someone correct me if I am wrong.

02-13-2007, 08:22 AM	#5 (permalink)
Mirage77 The Doughnutman. Join Date: Sep 2005 Location: Singapore Posts: 5,438 Thanks: 1,473 Thanked 1,225 Times in 722 Posts	Re: Hyundai Chairman sentenced to 3 years in jail Hyundai bigshot committed suicide by jumping off a building: the reason? Corruption. Hyundai Chairman sentenced to 3 years in jail Hyundai seems to be in deep sh*t. j/k

02-13-2007, 11:32 AM	#6 (permalink)
Mikael Global Moderator Join Date: Nov 2005 Posts: 1,943 Thanks: 922 Thanked 405 Times in 246 Posts	Re: Hyundai Chairman sentenced to 3 years in jail The designer of SSangyong Chairman should be sent to jail.

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