Chung Mong-koo re-elected to Hyundai board despite fraud conviction
03/14/2008, 9:23 AM
By Drew Johnson
Chung Mong-koo — the Hyundai head who was given a suspended three-year jail sentence for fraud last year — is back on the South Korean automaker’s board as of Friday. Chung was re-elected thanks to strong support from Hyundai shareholders, but the country’s state pension fund strongly opposes the move.
According to Automotive News, National Pension Service — Hyundai’s sixth largest shareholder — voted against the move, due to Chung’s fraud conviction and its belief that Hyundai needs improved management.
Chung has strong connections to Hyundai as he is the eldest living son of Chung Ju-young — the founder of the Hyundai Group and Hyundai Motors.
Shareholders supported Chung — despite his fraud conviction — due to his experienced leadership. Chung will stay as chairman and chief executive until March 2011.
Hyundai is currently the world’s sixth largest automaker, with further plans to expand into developing regions.
03/14, 9:38 AM
posted by:
hateful83
You think a little fraud conviction is going to stop Chung Mong-koo? – Only in Korea.
03/14, 9:43 AM
posted by:
jayjc08
They really don’t need this now. Hyundai needs to get rid of him. Enough with the tradition lip smack, about him being the eldest son, Hyundai is expanding quickly and needs someone with real balls- not ones behind bank safe doors.
03/14, 9:52 AM
posted by:
Leftlane News Chief Editor
I wish to apologise for the fact that my journalists can’t spell. We here at LLN wish to not look like morobs.
03/14, 10:16 AM
posted by:
jumpoffit
isn’t this also the American way?
03/14, 10:36 AM
posted by:
SwerveEarly
Greedy dirt bag should be behind bars. What a shameless dick.
03/14, 11:33 AM
posted by:
A4
whatd he get fraud for? pretending to be toyota?
03/14, 11:42 AM
posted by:
johnnycanuck
It ain’t what you know, it’s who you’re related to.
03/14, 12:09 PM
posted by:
Impulsive
It seems nobody follows the right road, nobody enforces the correct way of doing things.
Someone outside the supporting group of shareholders should “take care” of this man and permanently remove him from his position.
03/16, 1:45 PM
posted by:
TOZO
Whatever happened to Mong-Koo’s son, the Kia CEO? I heard he was going to be tossed in jail too.
03/16, 11:12 PM
posted by:
bigp
fraud never killed nobody