Court to decide Hyundai chairman's appeal next month
A ruling in Hyundai Motor Co. Chairman Chung Mong-Koo's appeal against a jail sentence for embezzlement will be handed down early next month.
By Agencies |
Seoul: A ruling in Hyundai Motor Co. Chairman Chung Mong-Koo's appeal against a jail sentence for embezzlement will be handed down early next month, a company spokesman said today.
The Seoul High Court will declare its ruling on September 6, said Hyundai spokesman Jake Jang.
The decision, originally set for July 10 was postponed to July 31 before being delayed yet again as the judge in the case required more time.
Chung, 69, was sentenced in February to three years in jail for breach of trust and embezzling the equivalent of more than $100 million in company funds to set up a slush fund.
Prosecutors say the money was used to make payments to lobbyists to gain government favors and for personal use.
Chung appealed the sentence and is out on bail. He has continued working as chairman of the Hyundai Automotive Group, which includes Hyundai Motor, the world's sixth-largest carmaker by sales, and its affiliate Kia Motors Corp.
Chung appealed the sentence and asked the court that he be allowed to avoid prison to devote his energies to the company, the world's sixth-largest automaker, and helping South Korea's economy.
Prosecutors have demanded a six-year prison term the same as their original demand saying the decision handed down in February was not harsh enough.
The Seoul High Court will declare its ruling on September 6, said Hyundai spokesman Jake Jang.
The decision, originally set for July 10 was postponed to July 31 before being delayed yet again as the judge in the case required more time.
Chung, 69, was sentenced in February to three years in jail for breach of trust and embezzling the equivalent of more than $100 million in company funds to set up a slush fund.
Prosecutors say the money was used to make payments to lobbyists to gain government favors and for personal use.
Chung appealed the sentence and is out on bail. He has continued working as chairman of the Hyundai Automotive Group, which includes Hyundai Motor, the world's sixth-largest carmaker by sales, and its affiliate Kia Motors Corp.
ADVERTISEMENT
Chung appealed the sentence and asked the court that he be allowed to avoid prison to devote his energies to the company, the world's sixth-largest automaker, and helping South Korea's economy.
Prosecutors have demanded a six-year prison term the same as their original demand saying the decision handed down in February was not harsh enough.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
