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01-31-2007, 11:22 AM
Jail Time: Korean Court Convicts Eight in Hyundai Bribes Scandal
January 20, 2007
SEOUL ââ¬â A South Korean court has found eight people guilty of paying or taking bribes to help Hyundai Motor fraudulently write down debt.
Those convicted include the former president of a Hyundai parts unit, the former vice-governor of the Korea Development Bank and other government officials. Sentences range from a suspended two-year term to six years in jail with fines ranging up to $1.5 million.
Prosecutors are seeking a six-year jail sentence for Hyundai CEO Chung Mong-koo on charges that he embezzled company funds to create a $110 million slush fund to bribe officials.
What this means to you: The turmoil at the top of Hyundai means that product and expansion plans may be held up a bit.
January 20, 2007
SEOUL ââ¬â A South Korean court has found eight people guilty of paying or taking bribes to help Hyundai Motor fraudulently write down debt.
Those convicted include the former president of a Hyundai parts unit, the former vice-governor of the Korea Development Bank and other government officials. Sentences range from a suspended two-year term to six years in jail with fines ranging up to $1.5 million.
Prosecutors are seeking a six-year jail sentence for Hyundai CEO Chung Mong-koo on charges that he embezzled company funds to create a $110 million slush fund to bribe officials.
What this means to you: The turmoil at the top of Hyundai means that product and expansion plans may be held up a bit.
I was the only member on this board with a Yellow Focus Sedan, and a 2002+ Euro Facelift on a sedan.