Hyundai offers $1 billion apology April 21, 2006
In an attempt to offset some of the damage being done to his company by the current bribery scandal, Hyundai CEO Chung Mong-koo and his son are offering around $1 billion worth of personal shares in Hyundai’s Glovis logistics subsidiary to various charities.
The scandal engulfing the South Korean carmaker alleges that the company embezzled money from its associates which was then used to garner favors from government officials regarding construction approvals and other lucrative permits.
Chung Mong-koo and his son Chung Eui-sun have already been extensively questioned by South Korean Prosecutors in regards to the allegations, and though both sides refuse to disclose details, rumors currently suggest that both are being treated as suspects rather than witnesses.
Should either or both of the men be jailed it would cause a great deal of damage to a company known to be micromanaged by its CEO. It is not a fear likely to be dampened by any amount of charitable donations.
- Posted in : Hyundai,Uncategorized
- Author : arnold
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