The chief of Hyundai Company is sentenced to three years of prison
5 February 2007The South-Korean court on Monday has sentenced the chief of company Hyundai Motor Co. Chung Mong-koo guilty of no-purpose use of the capital and waste of more than 100 million dollars; he has also been sentenced to three years of imprisonment.
The 68-year-old head of the largest in Korea and the sixth in the world automobile corporation has organized an illegal fund, in which the money was transferred from company’s resources. Now it became known that the money was subsequently spent for bribes to officials who should lobby interests of the company.
In the Court Chung Mong-koo has apologized for the damage that he has brought to the company by his illegal actions.
Lawyers of the protective party have declared about the intention to submit the appeal on a judgment, and also have asked about conditional punishment to their client. The Public Prosecutor asked to sentence Chung Mong-koo to six years of prison.
The Chapter has actually recognized his infringements made to Hyundai Motor Co. after the first interrogations and together with son has offered 1, 1 billion dollars on charity, having named it as his apology before the Korean society.
Chung Mong-koo has been arrested in April, 2006 and he has been let out on the security in 1 million dollars. He has occupied a post of chairman of board Hyundai Motor Co. since 2000. In 2000 in the BusinessWeek report Chung Mong-koo has been named as one of the best top-managers in the world.
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