Hyundai gives $1 billion in bribe row
19 April 2006

Hyundai has pledged to give $1 billion (£560 million) to charity as part of an apology for a corruption scandal in Korea.

The firm is under investigation over claims that it bribed government officials to help ease debt repayments. Hyundai's chairman Chung Mong-Koo is expected to be called to answer questions in the coming weeks.

Mr Chung and his son Chung Eui-Sun - president of Kia Motors - have given their stake in Glovis, a Hyundai subsiduary, to charity. The firm's share price improved after the charity donation was announced, even though the investigation will continue.

Hyundai is not the first Korean industrial giant to make a charity donation in controversial circumstances. Electronics firm Samsung gave $800 million after a string of scandals.

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