According to Left Lane news the South Korean court has found Chung Mong-Koo, Hyundai CEO, guilty of protecting managerial rights knowing it would hurt the company and bring about financial loss. The courts fined him 60 million dollars… holy crap. But that doesn’t even come close to the amount desired, which was $480 million according to the lawsuit documents. The losses had to do with sales of shares of Hyundai affiliates Hyundai Airspace and Aircraft Co. and Hyundai Hysco.
At first thought, who could pass judgment on this guy. Who knows what really went down? However, come to find out in 2007 this guy was found guilty of embezzling 90 billion won of Hyundai’s funds, which is like 78 million dollars give or take, through fraudulent accounting practices! That is too bad considering I love this company. Every year they surprise me… you know you liked the Sonata presented in the super bowl commercials. Don’t deny it. Starting under 20K for a sleekly designed 4 door sedan running at 35 mpgs?!? Remarkable…
Leave a comment darn it! Oh and here is the full article if you want to read it.
http://www.leftlanenews.com/hyundai-ceo-to-pay-60m-fine-over-losses-to-company.html
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