Crooked Hyundai chief gets no jail time from Korean high court

[اخبار مصر موتورز]

Filed under: Government/Legal, Hyundai, Kia

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.

[Source: Automotive News - sub. req'd, Photo by HONG JIN-HWAN/AFP/Getty]

 

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