{"id":303299,"date":"2010-02-10T08:27:00","date_gmt":"2010-02-10T13:27:00","guid":{"rendered":"http:\/\/www.autoblog.com\/2010\/02\/10\/report-hyundai-chairman-chung-ordered-to-repay-60m-to-automake\/"},"modified":"2010-02-10T08:27:00","modified_gmt":"2010-02-10T13:27:00","slug":"report-hyundai-chairman-chung-ordered-to-repay-60m-to-automaker-following-conviction","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/303299","title":{"rendered":"Report: Hyundai chairman Chung ordered to repay $60M to automaker following conviction"},"content":{"rendered":"

Filed under: Government\/Legal<\/a>, Hyundai<\/a><\/p>\n

\"\"<\/a><\/p>\n

The last few years have been very good to Hyundai<\/a>, with increased sales and a spike in brand perception in North America, but in South Korea the situation has been a bit different. Hyundai chairman Chung Mong Koo has been knee deep<\/a> in controversy surrounding his 2008 conviction for embezzlement and breach of duty. The controversy surrounding the conviction got even more intense after Chung’s three-year sentence was waived<\/a> and South Korean President Lee Myung Bak pardoned the chairman citing the importance of Hyundai to the local economy.<\/p>\n

While Chung was able to forgo prison time and job loss for his actions, he’s reportedly getting a pretty considerable financial slap on the wrist for his wrongdoing. BusinessWeek<\/em> reports that the Seoul Central District Court has ordered Chung to pay Hyundai 70 billion won ($60 million in U.S. funds) for his past transgressions. Former vice chairman Kim Dong Jin was also hit with a big-time fine of 55 billion won ($47 million U.S.) for his role in the embezzlement case. <\/p>\n

While a total of over $100 million is a monumental fine, the Solidarity for Economic Reform group that led shareholders in the lawsuit against the executives wanted a lot more. The SER was looking for damages in the neighborhood of 563.1 billion won ($485 million U.S.) in damages and the group will reportedly appeal to a higher court for more money. <\/p>\n

[Source: BusinessWeek<\/a> | Image: Hong Jim-Hwan\/AFP\/Getty Images]<\/p>\n

Report: Hyundai chairman Chung ordered to repay $60M to automaker following conviction<\/a> originally appeared on Autoblog<\/a> on Wed, 10 Feb 2010 08:27:00 EST. Please see our terms for use of feeds<\/a>.<\/p>\n

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Read<\/a> | Permalink<\/a> | Email this<\/a> | Comments<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Filed under: Government\/Legal, Hyundai The last few years have been very good to Hyundai, with increased sales and a spike in brand perception in North America, but in South Korea the situation has been a bit different. Hyundai chairman Chung Mong Koo has been knee deep in controversy surrounding his 2008 conviction for embezzlement and […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-303299","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/303299","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=303299"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/303299\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=303299"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=303299"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=303299"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}