Chung Mong-koo is back in hot water, as the Hyundai Motor Group chairman and another executive face a lawsuit from the company’s shareholders. Last year, the chairman was convicted of fraud and embezzlement, and sentenced to three years in prison, though has yet to serve it, and just over two months ago, Mong-koo was back on the automaker’s board.
The civil lawsuit was filed on Wednesday and seeks compensation for losses at the world’s 6th largest automaker, as per an Automotive News report. Filed by minor shareholders that include family-run chaebol conglomerates, the civil lawsuit demands 563.1 billion won (approximately $542 million) to be paid out by the pair of executives.
The lawsuit follows Tuesday court proceedings during which prosecutors sought a six-year jail term for Mong-koo. Last September, a presiding judge concluded Mong-koo was too important to South Korea’s economy, ordering him to do community service in the form of writing speeches and essays on governance and a transparent management as well as pay a hefty donation in lieu of prison time.
At Tuesday’s proceedings, the new sentence was set to be handed down June 3, so this is not the last we’ve heard of this case.
05/21, 1:45 PM
posted by:
injunraiv
Pay attention here, folks. Those who think Hyundai is a rising star in the auto marketplace need to understand just exactly who we’re dealing with…
05/21, 1:57 PM
posted by:
xyunya
I concur. I think the following crop of execs will be follow the path in few years. But, honestly, I don’t think our “captains of industry” all that perfect either, just smart not to get caught and when they are caught, they hire excellent shiesters.
05/21, 2:20 PM
posted by:
Impulsive
Sue the ****wads … “too important to the economy” …. BWAAAAAAAHAHHAHAHAHAHAHHAAAAAAAAAAAAAAAA … that’s bull**** … use him as an example and jail him for life … that’ll teach future assholes to do right. Or just pay off a local derelict to knock off the son-of-a-bitch.
05/21, 2:32 PM
posted by:
RaineMan
Ah… so this is Asian justice.
The big-wigs at the Big 3 in detroit are doing a lot of the same stuff… but noone is able to call them on it.
05/21, 2:39 PM
posted by:
tripleonefive
I second that Raineman
05/21, 3:11 PM
posted by:
hateful83
My boy Chung Mong-koo, what did that son of a bitch get himself into this time. Ah come on, he’s just being a typical chairman, take it easy on em.
05/21, 3:15 PM
posted by:
400horseSS
$$$$ makes people do weird ****, when will the public stop supporting this.
05/21, 3:47 PM
posted by:
johnnycanuck
World’s 6th largest automaker? That’s even sadder than the rest of the story.
05/21, 5:20 PM
posted by:
injunraiv
You know what? Maybe Raineman is right (but once 1115 agreed I think that possibility went out the window!) – there is a lot of corporate interference in the US government these days. But you’re looking at a dishonest government backing dishonest business practices. What do you think, this is where the line is drawn? The end of story? Stay tuned…
05/21, 8:20 PM
posted by:
autonut
Probably the schmuck who turned those Genesis upside down from the truck (remember story few months back?) ended up doing more hard time then Chung Mong-koo.
05/21, 10:47 PM
posted by:
Impulsive
‘autonut’, that’s the problem with the world.
05/21, 10:49 PM
posted by:
Impulsive
Here’s an idea … allow Chung Mon-key to stay out of jail by taking over the duties of the car transporters for 10 years. But he’s still responsible for civil suit losses.
05/21, 11:51 PM
posted by:
NoNameDenton1
The chairman needs to be ousted if Hyundai intends to surpass Toyota
05/22, 12:42 AM
posted by:
sharpie
White collar crimes happens in the US as well as Korea.
05/22, 8:28 AM
posted by:
DeansterTJ
LOL Impulsive!
05/22, 11:46 AM
posted by:
xkr
HAHA HAAAHAAA