This is shit, Chung Moo-Koo is the Hyundai President bring Hyundai up to this level after he took over Hyundai 1999.
His son
Chung Eui-sun, president of KIA, has also been implicated in the scandal.
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Hyundai Motor chairman held for misuse of funds
http://timesofindia.indiatimes.com/a...ow/1509701.cms
SEOUL: Hyundai Motor, chairman Chung Mong-Koo was arrested on Friday on suspicion that he embezzled some $106 million in company money to create a slush fund, a prosecution spokesman said.
Arrest of Chung came after the Seoul District Court issued an arrest warrant for the 68-year old head of South Korea's largest automaker, prosecution spokesman Kang Chan-Woo said.
Seoul District Court judge Lee Jong-Seok said after deliberating all day on Friday he decided to issue the warrant because of the 'heavy' nature of the allegations against Chung.
"The suspect is denying most of the charges and is feared to destroy evidence,"Lee said.
Investigators say officials embezzled money from affiliates to create the slush fund and used it, via at least two lobbyists, to seek favours from the government.
The lobbyists have been arrested on charges of receiving money from Hyundai in exchange for promises to help it win construction approvals and permits, and other business favours.
It is unclear if the lobbyists bribed government officials. It is illegal in South Korea to accept money in return for exercising influence.
Chung emerged from the Supreme Prosecutors' Office in Seoul after the formal arrest, escorted by what appeared to be two prosecution officials. They got into a waiting car for the journey to the Seoul Detention Centre, just outside the city.
Chung made no comment. Kang, the prosecution spokesman, said prosecutors will continue to investigate Chung during his detention before issuing an indictment.
Under South Korean law, prosecutors can detain suspects after arrest for a maximum of 20 days before indictment.
"CEO Kim Dong-Jin will assume operational control"for Hyundai Motor "a duty he shared with chairman Chung Mong-Koo,"company spokesman Oles Gadacz said after the arrest warrant was issued, reading a statement.
"All local and overseas manufacturing, marketing and R&D operations are unaffected by today's development,"Gadacz said.
News: Hyundai Motor chairman held for misuse of funds
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