ˆ Hyundai boss receives pardon from South Korean president

tags : chung mong koo , chung mong-koo , chungmong-koo , chungmongkoo , crime , crimes , criminal , criminals , hyundai , korea , south korea , southkorea

In South Korea, economics trumps justice. Chung Mong-koo, the head of Hyundai who recently received a suspended sentence for embezzling and bribes has -- along with 341,000 other businessmen, bureaucrats, and politicians -- been given a full pardon.President Lee Myung-bak, who said he was "personally against" the decision, decided to issue the pardons anyway. Mong-koo wasn't even in jail, but apparently the convicted and jailed businessmen were "having problems doing business overseas." Go figure.So on Liberation Day, in hopes that "businessmen would take the lead in reviving the economy by creating jobs through active investment and exploring markets abroad," the bad guys got gifts even better than walking papers. In South Korea, crime does pay... if you have good business sense.

posted : 8/30/2008 @4:49:10 PM

ˆ Crooked Hyundai chief gets no jail time from Korean high court

tags : chung mong-koo , chungmong-koo , hyundai , kia , south korea , southkorea

South Korea is working hard to crack down on corruption in its business sector, but the example-setting won't begin with Hyundai boss Chung Mong-koo. A Korean court gave Chung a three-year suspended sentence as punishment for embezzling monstrous sums of cash from the world's sixth largest automaker. Chung admitted to embezzling company money to pay off politicians, but that didn't stop the courts from going easy on the billionaire. The judge cited the fact that Chung used most of the embezzled money to run the business, but that answer isn't sitting well with many South Koreans looking for justice. Chung is a member of the chaebol, which is a group of families that control most of the wealth in South Korea. For all his wrong-doing, Chung spent a grand total of two months behind bars, and he's been ordered to donate $828 million. It's good to be rich apparently, at least in Korea.

posted : 6/4/2008 @7:41:36 PM

ˆ Hyundai chairman receives suspended sentence

tags : chung , chung mong-koo , chungmong-koo , embezzlement , hyundai , jail , mong-koo , sentenced

Chung Mong koo, the man, who turned Hyundai around after the asiatic financial southeast melting 1997, was given a 3jähriger shifted sentence by an industrial tribunal for suppression and break of the general confidence. Chung was held in April for credit of a hand, if one created nearly $74 million in the Schlammkapitaln, in order to pay for political preferences. After it was held, it was released on bail $1 million in order to continue leading Hyundai. The group or chaebol -- the Korean word for the efficient, family-controlled conglomerates -- is a strong driver of the Korean economy. Chung does not have a free successor at the company (his son leaves Kia) to run, and many around the effect were ensured, which such would have rudderless a ship. Chung gave also little more to than $1 million to the next love after its stopping, and formed a general apology. In opinion of the chairman Richters although, it „the possible was, ripples effectuation “from the absence Chungs at Hyundai, which led the decision. OH and the fact, over over which it around asked and „the normal people leaned toward to a shifted sentence. “The sentence is shifted for five years.

posted : 9/11/2007 @6:49:05 PM

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