Convicted Hyundai chief pulls out of China visit: official
The chairman of Hyundai has pulled out of a visit to China with South Korea's president, an official at the presidential office said Saturday.
By Agencies |
SEOUL: The chairman of Hyundai has pulled out of a visit to China with South Korea's president, an official at the presidential office said Saturday.
Chung Mong-Koo, who has been convicted of embezzling millions of dollars from Hyundai Motor Co., was among a group of South Korean business leaders due to accompany President Lee Myung-Bak on an official visit to Beijing.
But the official, who declined to be identified, said Chung had withdrawn from the president's entourage.
"It is true that Chairman Chung pulled out," he said. Chung, 69, was sentenced to three years in jail in February 2007 for breach of trust and embezzling 90 billion won (93 million dollars) in company funds.
An appeal court last September quashed the prison term and replaced it with a three-year suspended sentence, saying his imprisonment would badly damage South Korea's economy.
Chung Mong-Koo, who has been convicted of embezzling millions of dollars from Hyundai Motor Co., was among a group of South Korean business leaders due to accompany President Lee Myung-Bak on an official visit to Beijing.
But the official, who declined to be identified, said Chung had withdrawn from the president's entourage.
"It is true that Chairman Chung pulled out," he said. Chung, 69, was sentenced to three years in jail in February 2007 for breach of trust and embezzling 90 billion won (93 million dollars) in company funds.
An appeal court last September quashed the prison term and replaced it with a three-year suspended sentence, saying his imprisonment would badly damage South Korea's economy.
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