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Minority shareholders and civic groups led by Solidarity for Economic Reform filed a derivative suit at the Seoul Central District Court on Wednesday against Hyundai Motor chairman Chung Mong-koo and vice chairman Kim Dong-jin for the damages of W563.1 billion they caused by mismanaging the company (US$1=W1,042). The group of shareholders allege that a heavy loss of W295 billion was incurred because shares of the Hyundai affiliate Glovis were taken over by Chung¡¯s family instead of Hyundai Motor at the time of Glovis¡¯ foundation in 2001. They also argue that the company¡¯s decision to participate in increase of paid-in capital of a troubled affiliate, Hyundai Space and Aircraft Co., resulted in W96 billion of losses.
(englishnews@chosun.com )
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