RSS RSS Twitter Twitter
Leftlane - news, reviews, and info for the auto-industry
 
 

Hyundai boss to receive pardon for embezzling $100 million

08/12/2008, 10:35 AM

By Drew Johnson

Some people felt that the Korean government was “wielding a cotton bat” when it handed down a three-year suspended jail sentence to Chung Mong-koo – the Hyundai/Kia chairman that was convicted of embezzling $100 million – in lieu of actual jail time, but it looks as though the Korean government has ditched that bat altogether and is now just going with the cotton.

South Korea’s Ministry of Justice will pardon Chung – along with 340,000 others – on August 15th, which coincides with the republic’s 60th anniversary, according to Automotive News. Presidential pardons are an annual affair in South Korea, and usually take place on the country’s founding and other holidays.

However, most of the pardons are for lesser crimes, not embezzling $100 million. Despite stealing more than $100 million from the company, Hyundai’s shareholders recently reinstate Chung to the company’s board.

    Print This Post

New car price quote

Zero obligation price quote from a trusted local dealer.
 
 

08/12, 10:40 AM

posted by:

HemiRoadRunner

Who are the idiots that said by buying foreign cars our money does NOT go to foreign countires? Hmmmm, it looks like some ***** named chung mong koo is taking your hard earned American dollars with the false sense that your helping the American economy. Keep giving these foreigners YOUR money! Dumb@$$ import humpers.

08/12, 10:46 AM

posted by:

beatusmongous

Wow. South Korea sounds like a great place to steal. I wonder if any part of that $100 million was given to the South Korean President. Maybe I’ll go live over there for a couple of years, embezzle some money, pay off the government, get a pardon, and bring all that money back.

08/12, 10:51 AM

posted by:

tripleonefive

I would rather give my money to someone who will give me a better product. Its sad to say but hyundai is surpassing GM in quality
I havent seen GM resale values get a 33% bump.

08/12, 10:59 AM

posted by:

jonnycat

Oh no a foreign car company had money to steal, so don’t buy from them.

It is plausible to think that a Coporation as large as Hyundai, may make a profit, by selling things they manufacture, and a portion of that money may make it back to where the company originates from.

HHR, if you actually own a newer LX platform car with a HEMI, thanks for giving Canada, a foreign country, your money.

08/12, 11:03 AM

posted by:

HemiRoadRunner

^^^^ What a dumb@$$. I don’t have one, yet. I will be buying a Challenger R/T in a few months though. But, I don’t see Canada as an economic threat like I do, hmmmm, say KOREA (a nuclear armed country) or CHINA (the communist superpower). But if some canadian lumberjacks worry you then that’s your problem.

08/12, 11:04 AM

posted by:

jumpoffit

i give my hard earned money to female Korean stippers :D – i love to hump those imports

08/12, 11:07 AM

posted by:

crackerhemi

HomoRR may be dumb, but he knows how to spend what little money he does have. He is waiting for Chrysler to go bankrupt first, so he can buy a car from their going out of business sales.

08/12, 11:11 AM

posted by:

tripleonefive

You are an idiot that was sold the american dream on a silver platter
You “buy American” “support our troops” and all the other bs. What you dont realize is american companies are where they are now bc of people like yourself
People who bought american bc it was american and not bc it was the best product. This allowed the Japanese companies to come in and make a better more reliable product. Eventually Americans were tired of buying crap cars and woke up.
But you, who prob live in a trailer drinks BUD and sleeps with his sister wouldnt understand that
“That thing got a Hemi??”

08/12, 11:25 AM

posted by:

global_lightning

Televised sepukku ceremony now cancelled

(Yeah, that’s a joke. I know the difference between Japan and Kora)

08/12, 11:51 AM

posted by:

johnnycanuck

Who wants to pardon a millionaire. Is Regis Philbin the guest host?

08/12, 12:31 PM

posted by:

jayjc08

Does Batman exist in Korea?

08/12, 12:49 PM

posted by:

shaver

What happened to the infamous asian honor and shame. Men would kill themselves before going BK. Sounds like Korea is full of shady, honorless thiefs, top to bottom.

08/12, 1:12 PM

posted by:

crackerhemi

if only crackers (food product) possessed that trait, shaver.

08/12, 1:28 PM

posted by:

megeebee

And so many in this country think that only American auto execs are ruthless and criminal….

08/12, 1:53 PM

posted by:

CleanGTO

But the question remains: Will he be pardoned for passing a Hyundai off as an actual, working vehicle instead of the rolling junk pile it actually is? Go Korea! Keep buying up this junk America and see where it lands our Execs.

08/12, 2:27 PM

posted by:

injunraiv

Geez, 1115 with that same old tired argument. What you’re seeing here is pathological dishonesty at an institutional level, and that should be excused because someone told you that Hyundai had a 33% bump in residual value. Yikes!

Go have some more Honda kool aid and STFU…

08/12, 3:11 PM

posted by:

ktulu

that’s how it works if U get $.
U can steel more w/ a bfrifcase than you can w/ a goun, & U get to seem all contrite when U get caught.

think if I stone $250 for the Utah DMV petty-cash drawer I’d get pardoned?

“wielding a cotton bat,” very good meta4.

‘Despite stealing more than $100 million from the company, Hyundai’s shareholders recently reinstate Chung to the company’s board.” I’m learning korean now!

thos story is not about idiots buying 4n cars. that can actually B a serice. when people buy 4n cars, big 3 cars get better.

I’d like to no the word theat came b4 “named chung mong koo.”

I also wonder if any part of that $100 million was given to the South Korean President. It wood then clear up Y there was that fat pardon.

I wood also rather give my money to someone who will give me a better product. hyundai is not surpassing GM in quality, but GM has 0 room for error. Hyundai is really working hard 2 earn a rep.

I will be not buying a Challenger R/T, but I would.

many female Koreans R cute.

we should support our troops, even if they R in a useless, ¢less war.

american companies R where they R now bcuz people were not afraid 2 buy 4n & they had 2 respond.

yeys, Eventually Americans were tired of buying crap cars and woke up. bud is terrible.

Korea may B full of shady, honorless thiefs, top to bottom, but let’s give them the B of the D!
many American auto execs R criminally stupid.

Hyundai is not junk

08/12, 6:52 PM

posted by:

jinushaun

@shaver: Honour and shame? Thanks for grouping all Asian cultures together. There one important aspect about Asian cultures you failed to mention: power hierarchy. In other words, respect your elders and know your place. And in Korea, the Hyundai and Samsung are more powerful than the govt.

If you knew anything about Korean politics and business, you’d know it’s one of the most corrupt countries in the world. Hyundai and Samsung are more like mafia families than regular corporations.

08/12, 7:49 PM

posted by:

crackerhemi

you can’t teach an old cracker new tricks.

08/13, 3:06 AM

posted by:

westwoodcali

HemiRoadA$$Runner, WHAT A dumA$$$$$$ idiot. The country with the nukes is North Korea. Hyundai is a South Korean Company, genius. And you do know they are two different countries right? Some folks on this board aren’t the sharpest pencils in the toolbox.

08/13, 5:51 PM

posted by:

DeansterTJ

Can’t blame HomoRR for being so stupid; his mother and father are brother and sister.

08/13, 7:18 PM

posted by:

Newton

In his remarks before sentencing, the judge acknowledged that the slush fund was used for political lobbying purposes and that none of the money was embezzled for Chung’s private gain. Chung is already Korea’s richest man.

11/08, 1:26 PM

posted by:

jackjimturkey

Where do I sign up to work for Hyundai?

 
 
You need to log in with your user name and password before you can leave comments.

    

Forgot your Password?

Don't have a user name yet? Simply fill in the form below and click the link provided in the
confirmation email. You must supply a valid email address to complete the registration process.

  
 
 
 
 
  • Login
  • About
  • Contact
Please note that you need to log in with your user name and password before you can leave comments.
  

login
cancel
Forgot your Password?
Don't have a user name yet? Click here to register now.

Simply fill in the form below and click the link provided in the confirmation email. You must supply a valid email address to complete the registration process.

  
submit
cancel
Leftlane is the leading source for automotive industry and vehicle news, new car research, future vehicle information, and reviews. Read by car shoppers, driving enthusiasts, autoworkers, executives, and investors, the website is updated throughout the day with the very latest auto news - as it happens.

Leftlane also provides consumers with accurate and media-rich information on every car currently on the market. In-market shoppers can review specs, read overviews, view high-resolution images, watch videos, and estimate pricing. No other automotive publication brings together the same degree of timeliness, thoroughness and accuracy as Leftlane.
 
submit
cancel