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Bribery investigators arrest senior Hyundai executives

Hyundai Automotive Group executives have been arrested in the ongoing investigation of bribery charges, following two other arrests late last month.

Lee Jung-dae, Hyundai Automotive Group’s vice-president in charge of finance and accounting, and Kim Seung-nyun, chief of the company’s procurement division were the men taken into custody.

Park Sang-bae, a former deputy governor of the Korea Development Bank, has also been arrested as part of the same investigation of allegations that an intermediary was paid large sums to smooth the passage of Hyundai’s control over Kia.

South Korean prosecutors have banned more than 10 Hyundai executives from foreign travel, including Chung Eui-sun, Hyundai's heir and president of Kia Motor and group components supplier Hyundai Autonet.

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