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Hyundai chairman jailed for embezzling funds
 Lawyers in South Korea have vowed to appeal against a three-year jail sentence for the head of the country's biggest car-maker. The chairman of Hyundai Motor company has been found guilty of embezzlement and fraud. Chung Mong-Koo was found guilty of having directed the equivalent of more than $100 million from Hyundai Motor into a slush fund used to bribe politicians and government officials. The 68-year-old has been sentenced to three years' jail, although he remains out on bail pending an appeal. The ruling judge said the court could not help but find Chung responsible and his behaviour had dealt a blow to corporate self-regulation. Business groups have urged the courts to "generously" view Chung's appeal. Hyundai Motor and its affiliates account for more than 5 per cent of South Korea's exports. Posted by: Fred 2007-02-06 |
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