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 executives of Hyundai Motor," the judges' ruling said.
One of the groups that filed the civil law suit, Solidarity for Economic Reform, called the penalties too low and said it would appeal to a higher court. It wanted a fine of more than £300m to be imposed.
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Hyundai boss fined £38m
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.
Re: Hyundai boss fined £38m
Probably our long lost and banned HyundaiSmoke's advice that got Hyundai into a mess!!!
Re: Hyundai boss fined £38m
Too true!
HyundaiSmoke - maybe you could make the man a small loan?