Heir Hyundai embezzled company money
February 9, 2010 – 2:54 am 
District Court of Seoul demanded that the ex-chairman of the board of directors of Hyundai Motors Chong Mong-koo to his former employer to pay compensation amounting to 70 billion won (about $60 million) for having taken a business decision unfavorable to Hyundai.
It is reported by AFP.
lawsuit to Chonu Mong-koo were 15 minority shareholders and non-governmental group called “Solidarity in economic reforms, protecting the interests of small shareholders, who Chong and accused the former vice-president of Hyundai Mobis (a supplier of components for Hyundai Motors) in decision-making, resulting in damages to Hyundai Motors. In particular, the court found guilty Chong that he was involved in the purchase of high-risk stocks of companies belonging to the group of Hyundai, although he knew that it could damage his company.
Earlier in 2007 , 72-year-old Chung was sentenced to three years’ imprisonment for embezzlement of 90 billion won (about $77 million) through fraudulent schemes. Later, the appellate court suspended the sentence and translated Chona for public works.
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