An appeals court on Thursday gave Hyundai Motor chairman Chung Mong-koo a suspended three-year jail term for embezzlement of company funds and breach of trust. He was also ordered to donate W840 billion (US$1=W939) to society and conduct volunteer activities like lecturing and writing on corporate governance. Chung was sentenced to jail at first instance.
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Hyundai Motor Co. Chairman Chung Mong-koo, center, leaves after his trial at the Seoul High Court in Seoul on Thursday./AP
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The Seoul High Court sentenced Chung to three years in prison but suspended the term for five years. The W840 billion will be used to protect the environment and build cultural facilities for low-income classes. Chung also has to give more than two hours of lectures on corporate management to the Federation of Korean Industries and contribute writings on the same issue to newspapers.
The bench upheld the guilty verdict but suspended the jail term, saying the risk to the Korean economy by putting him in jail was too great. It also suspended the 30-month prison term of Hyundai Motor Group vice chairman Kim Dong-jin for five years. Instead, he also has to lecture and write. Kim was found guilty of breach of trust.
(englishnews@chosun.com )
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