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Prosecutors on Monday slapped an overseas travel ban on a dozen Hyundai Automotive Group executives including Kia Motors president Chung Eui-sun, while they investigate their role in the illegal lobbying of politicians on their behalf by the middleman Kim Jae-rok.
Hyundai Motor chairman Chung Mong-koo, the Kia president¡¯s father, has escaped the ban so far, but a prosecutor said more people could find themselves subject to travel restrictions as the investigation proceeds.
The president of Hyundai affiliate Glovis, Lee Ju-eun, and a finance officer were arrested Monday on charges of setting up a slush fund of tens of billions of won in 2003 for use by Chung the younger and Hyundai executives.
The Supreme Prosecutors Office has tracked Kia and Hyundai bank accounts and summoned those involved in their handling for questioning. It says investigation shows Kim used some of the money to grease the wheels in Kia Motors¡¯ takeover of auto parts plants and Hyundai Motor¡¯s attempt to get a building permission. Emco, a Hyundai-affiliated construction company, is suspected of lobbying a district office and Seoul city officials to gain favor in building twin buildings in Yangjae-dong, Seoul.
(englishnews@chosun.com )
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