Hyundai boss jailed for corruption

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Source: AutoCar

The 68-year-old chairman of Hyundai, Chung Mong-Ku, has been sentenced to three years in jail, having been found guilty of embezzling £56m.

Mong-Ku, who is boss of both Hyundai and Kia, was accused of having a slush fund for paying lobbyists, bribing politicians and also for his own use.

The trial has been seen as a symbol of South Korea's desire to fight corporate corruption. Hyundai Motor Company is crucial to the country's economy, and is responsible for around 70 per cent of its motor vehicle exports. The firm's shares dropped on news of the court's ruling. Mong-Ku is on bail, pending an appeal.
 
Toronado
So, he got arrested for doing something American businesses do all of the time? Hm.
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So is it OK to do those things since American buisness men do them? (and that's not to say they aren't punished in America when they are caught)

Regarding the subject at hand though...
That's sad news if you ask me. I'd like to see South Korea do well in all endeavors.

I wonder what kind of long term ramifications this will have on the quality of the product.
 
Kent
So is it OK to do those things since American buisness men do them?
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That was not what I intended to sound like. I meant that (not knowing the Korean business market) it surprises me that he was caught doing something that is gotten away with all the time in America. Not that it wa okay for him to do it.
 
Toronado
That was not what I intended to sound like. I meant that (not knowing the Korean business market) it surprises me that he was caught doing something that is gotten away with all the time in America. Not that it wa okay for him to do it.
Click to expand...

All good but try to remember that you are only assuming they get away with it all the time in America.
Fact of the matter is, if they get away with it you never find out, so you really only know about the cases where they don't get away with it.

Plus, bigwigs in buisness don't need to break the law to steal and cheat... They do that without breaking the law (giving themselves unwarranted salaries and whatnot)...

What I mean to get at here is the idea that this is about the Korean car companies involved, not American corporate corruption. ;)
 
I remember he got arrested a while ago, I was wondering what happened to him. So is his son still in charge of Kia?
 
The three year sentence is actually very lenient, but they're considering how important Hyundai is for the South Korean economy.

It's like sentencing Bill Gates to "community service" for tax fraud (not saying that he actually does that)... :lol:
 

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