Post by account_disabled on Mar 6, 2024 4:23:14 GMT
The Korean court annulled, for the second time, the -year prison sentence to which the president of Hyundai Motor, Chung Mong-koo, was sentenced, accused of embezzlement of funds and fraudulent transfer of shares. By order of the Supreme Court of Appeals in Seoul, South Korea, Chung will only have to do hours of community service. The information is from the EFE news agency . The agency also informs that in another appeal trial held last year, the South Korean Prosecutor's Office reiterated its request for six years in prison for Chung Mong-koo, considering that the three-year sentence, to which he was sentenced in February , it wasn't enough.
In April , Chung Mong-koo was arrested on charges of illegal embezzlement and bribery of public officials. The president spent just two months in pre-trial detention and was released Iraq Telegram Number Data after paying bail of US$ million. With the decision, Chung will only return to jail if he commits any new illegality. To suspend the sentence, Judge Kil Ki-bong, who presided over the trial, claimed that Chung Mong-koo did not personally benefit from the alleged fraud. The judge also took into account the businessman's promise to donate trillion won (US$ million) to charitable works. In a statement, Hyundai said it was relieved with the end of the case: “We can now focus our energies on making the Hyundai-Kia Group a global leader.
The decision also allows Chun Mong-Koo to resume all of his functions and responsibilities in the company. The company's shares fell % on the stock market on the day. Background Chung Mong-koo was convicted of misappropriating funds worth billion won ($ million) and causing damage to the company worth trillion won ($ million) by transferring shares in the company for your child at prices lower than market prices. Hyundai Motor is the second largest South Korean industrial group, with revenues of more than trillion won (US$, billion) and more than , employees. The company is also the seventh largest car manufacturer in the world, with branches in the United States, India, Turkey and China.
In April , Chung Mong-koo was arrested on charges of illegal embezzlement and bribery of public officials. The president spent just two months in pre-trial detention and was released Iraq Telegram Number Data after paying bail of US$ million. With the decision, Chung will only return to jail if he commits any new illegality. To suspend the sentence, Judge Kil Ki-bong, who presided over the trial, claimed that Chung Mong-koo did not personally benefit from the alleged fraud. The judge also took into account the businessman's promise to donate trillion won (US$ million) to charitable works. In a statement, Hyundai said it was relieved with the end of the case: “We can now focus our energies on making the Hyundai-Kia Group a global leader.
The decision also allows Chun Mong-Koo to resume all of his functions and responsibilities in the company. The company's shares fell % on the stock market on the day. Background Chung Mong-koo was convicted of misappropriating funds worth billion won ($ million) and causing damage to the company worth trillion won ($ million) by transferring shares in the company for your child at prices lower than market prices. Hyundai Motor is the second largest South Korean industrial group, with revenues of more than trillion won (US$, billion) and more than , employees. The company is also the seventh largest car manufacturer in the world, with branches in the United States, India, Turkey and China.