No cheering for the chairman

By Shay • Apr 28th, 2006 • Category: Korea, Technology, news     

Another scandel has surfaced in the form of arrests in Asia. This time, it involves Korea’s largest auto maker Hyundai and its chairman. Chairman Chung Mong-koo, 68, was arrested Friday following allegations of embezzlement. Allegations come in accusing the chairman of embezzling the money into a slush fund.

The investigation that began last month states that Chung Mong-koo is alledged to have incurred $320 million in monetary damages to Hyundai while embezzling $106 million.

Hyundai is a family-owned conglomorate corporation that produces not just Hyundai cars, but Kia cars, huge ships, and more. This arrest surely comes as a huge deal in the international corporate community.

More corporate criminalism is in the mix.

Shay is eating Yen and Won for breakfast.
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