[Frost__2001]

Jail Time: Korean Court Convicts Eight in Hyundai Bribes Scandal
January 20, 2007

SEOUL — A South Korean court has found eight people guilty of paying or taking bribes to help Hyundai Motor fraudulently write down debt.

Those convicted include the former president of a Hyundai parts unit, the former vice-governor of the Korea Development Bank and other government officials. Sentences range from a suspended two-year term to six years in jail with fines ranging up to $1.5 million.

Prosecutors are seeking a six-year jail sentence for Hyundai CEO Chung Mong-koo on charges that he embezzled company funds to create a $110 million slush fund to bribe officials.

What this means to you: The turmoil at the top of Hyundai means that product and expansion plans may be held up a bit.

[K_OS]

Frost__2001,Jan 30 2007, 08:22 PM Wrote:What this means to you: The turmoil at the top of Hyundai means that product and expansion plans may be held up a bit.
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Yeah the CEO has been a bad boy but they're lineup has been totally revamped in the last 24 months a new car in almost every category from the new Accent, new Elantra, new Sonata, brand new Minivan the Entourage, the new Tucson that was released almost 24 months ago wich was the catalyst for the 3 year revitalisation plan, new Azera, new Santa Fe, new Vera Cruz, and on the way there is a new rwd high end sedan and a rwd Tiburon that will from early rumors will have a new inhouse designed V8. So from the work that Hyundai has carried out in the last 3 years has simply been amazing with a few more suprises on the way CEO Chung Mong-koo deserves some time off but if he did in fact did all that he is accused of he should get whatever is coming to him.

Laterz :)