Autocar - First for car news and reviews

The chairman of Hyundai has been ordered to repay the company £38 million to compensate it for losses resulting from his business decisions.

The ruling follows Chairman Chung Mong-koo 2008 conviction for embezzlement and breach of trust, for which he was given a three-year suspended jail sentence before being pardoned by South Korean President Lee Myung-bak.

"This is a case that reveals the problem of family-run management that focuses on the interests of major stockholders and the...Read the full article

A company chairman being held personally responsible for bad business decisions??? It would never happen over here!!! =D

 I thought the boss of a company can do what he likes with the companies money? Like bet the whole investment and assets of the company on a white xmas in 2010. Cant they do that? why not? I dont know much about business. I guess chairman is not the top of command structure?

 

roverfan1984:

It would never happen over here!!!

 

Too true!

 HyundaiSmoke - maybe you could make the man a small loan?

jelly7961:

Too true!

 HyundaiSmoke - maybe you could make the man a small loan?

Probably our long lost and banned HyundaiSmoke's advice that got Hyundai into a mess!!!

Isn't this what is known as holding someone accountable for their actions?  I rather think that if all the bank bosses, city traders, hedge funders et al, had the same accountability in their jobs the banking crisis wouldn't nearly have been as bad.