AM Online

Hyundai boss gets three years

The chairman of Hyundai Motor Company, the South Korean manufacturer, has been sentenced to three years in jail for embezzlement and breach of trust.

Chung Mong-koo, 68, was accused of amassing a multi-million dollar slush fund for personal use and to pay lobbyists and politicians.

A spokesman for Hyundai said the ruling was disappointing and an appeal would be filed.

Mong-koo was accused of embezzling £56 million from company affiliates.

Some of the money was allegedly used to pay off politicians and government officials, and also help smooth the way for Mong-koo's son to take control of the auto group.

"The court decided a strict execution of law is necessary to eradicate illegal and anti-market practices in the past and help South Korea build a more advanced economy," Kim Dong-oh, presiding judge at the Seoul court, said.

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