Hyundai boss to receive pardon for embezzling $100 million
08-12-08, 06:41 PM
#1
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Hyundai boss to receive pardon for embezzling $100 million
Some people felt that the Korean government was “wielding a cotton bat” when it handed down a three-year suspended jail sentence to Chung Mong-koo – the Hyundai/Kia chairman that was convicted of embezzling $100 million – in lieu of actual jail time, but it looks as though the Korean government has ditched that bat altogether and is now just going with the cotton.
South Korea’s Ministry of Justice will pardon Chung – along with 340,000 others – on August 15th, which coincides with the republic’s 60th anniversary, according to Automotive News. Presidential pardons are an annual affair in South Korea, and usually take place on the country’s founding and other holidays.
However, most of the pardons are for lesser crimes, not embezzling $100 million. Despite stealing more than $100 million from the company, Hyundai’s shareholders recently reinstate Chung to the company’s board.
http://www.leftlanenews.com/hyundai-...html#more-8387
South Korea’s Ministry of Justice will pardon Chung – along with 340,000 others – on August 15th, which coincides with the republic’s 60th anniversary, according to Automotive News. Presidential pardons are an annual affair in South Korea, and usually take place on the country’s founding and other holidays.
However, most of the pardons are for lesser crimes, not embezzling $100 million. Despite stealing more than $100 million from the company, Hyundai’s shareholders recently reinstate Chung to the company’s board.
http://www.leftlanenews.com/hyundai-...html#more-8387
08-13-08, 06:45 AM
#2
Lexus Fanatic
Well, he may not get off Scot-free yet. Kia, of course, being a Hyundai product, maybe his REAL punishment will be having to drive around in a base Kia Rio (with no chauffer) instead of a nice new Genesis. 
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