Arrest warrant sought for Hyundai chairman
(AP)
Updated: 2006-04-27 11:39
State prosecutors Thursday requested an arrest warrant for Hyundai Motor Co.
Chairman Chung Mong-koo amid a bribery and slush fund scandal that has rocked
South Korea's largest automaker.
Hyundai Motor Co.
Chairman Chung Mong-koo answers to reporters' question as he arrives at
the Supreme Public Prosecutors Office in Seoul, South Korea , in this
Monday, April 24, 2006 file photo. State prosecutors have requested an
arrest warrant for Hyundai Motor Co. Chairman Chung Mong-koo, prosecutors
said Thursday, April 27, 2006 amid a bribery and slush fund scandal that
has rocked South Korea's largest automaker.
[AP] |
Prosecution spokesman Kang Chan-woo said that the arrest warrant was
requested for Chung, while his son, Kia Motor's Corp. President Chung Eui-sun
would continue to be investigated without being physically detained.
The request is subject to approval by the chief prosecutor. It was not
immediately clear when a decision would be made on approving the request.
"It is very shocking," said Jake Jang, a Hyundai spokesman. "Hyundai
executives are all in a panic. The absence of Chairman Chung is enormous and its
ramifications are beyond description."
Prosecutors have been investigating the Hyundai Automotive Group since last
month over suspicion it embezzled money from affiliates to create a slush fund
and used the money, via at least two lobbyists, to seek favors from the
government.
The move comes days after Chung spent about 15 hours at the Supreme
Prosecutors' Office in Seoul for questioning over the scandal. Chung's son spent
about 18 hours there for questioning last week.
Prosecutors have raided offices of Hyundai Motor and its three affiliates —
Kia, logistics unit Glovis Co. and auto-parts maker Hyundai Autonet — and
questioned key officials.
Hyundai spokesman Oles Gadacz said it wasn't immediately
clear if Chung had an attorney.
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