m a r k a n d e y a

Buying a ‘get out of jail free’ card, Korean style

Posted by Brian on April 20, 2006

Mr. Chung of Hyundai is on the hook for shady business dealings but hopes to buy his way out from under the legal hammer:

Hyundai Automotive Group said yesterday its Chairman Chung Mong-koo and his son Eui-sun will offer their Glovis Co. shares "worth 1 trillion won" as a social contribution to atone for the automaker`s part in a series of scandals. Chung and his only son, Eui-sun, president of Kia Motors Corp., will provide a combined 60 percent stake or 22.5 million shares to the logistics subsidiary of a social welfare fund, Hyundai Motor Vice Chairman Lee Jeon-kap said yesterday during a press conference.

I hope this offer of his is thoroughly rejected by the prosecution without a moment's thought. I also hope the general public stands up to this crass attempt to avoid legal censure. 

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