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May 2010

Hyundai’s Chung told to pay $ 60 mn

By Raman Jokhakar
Tarunkumar G. Singhal
Chartered Accountants
Reading Time 1 mins
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Hyundai Motor Co. Chairman Chung Mong Koo was ordered to pay
70 billion won ($ 60 million) to the carmaker following his 2008 conviction for
breach of duty.

The Seoul Central District Court also today ordered Kim Dong
Jin, the carmaker’s former vice-chairman, to pay 55 billion won to the company,
court spokesman Kim Seong Soo said by phone.

Solidarity for Economic Reform, which led shareholders suing
for damages, said it would appeal to a higher court to seek more money. Chung,
71, was found guilty of embezzlement and breach of duty in 2008 and given a
three-year suspended jail sentence before being pardoned by South Korean
President Lee Myung Bak. “We welcome the court’s ruling that management had a
clear responsibility in this case,” Kim Hong Kil, a researcher at Solidarity for
Economic Reform. The group had asked the court to force Chung and Kim to pay
563.1 billion won to the automaker.

(Source : Business Standard, dated 9-2-2010)

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