The chairman of Hyundai Motor Company, one of South Korea’s biggest firms, has been sentenced to three years in jail for embezzlement and breach of trust.
Chung Mong-koo, 68, was accused of amassing a multi-million dollar slush fund for personal use and to pay lobbyists and politicians.
A spokesman for South Korea’s top auto maker said the ruling was disappointing and that an appeal would be filed
The chairman of Hyundai admitted to his role in setting up slush funds allegedly used to bribe politicians as the scandal surrounding the South Korean car maker claimed more victims.
“I admit my guilt, to a certain extent,” said Chung Mong-koo during his second appearance at his embezzlement trial.
However he was unable to help prosecutors further, replying to several detailed questions about the fund by claiming, “I don’t remember
South Korean prosecutors have indicted the chairman of carmaker Hyundai Motor for his alleged role in a bribery and embezzlement scandal.
Chung Mong-Koo was arrested at the end of April and has been accused of creating slush funds to pay politicians and officials for business favours.
He also is accused of transferring funds and shifting corporate controls to his son, Chung Eui-Sun
The chairman of Hyundai Motor Group, Chung Mong-Koo, has been arrested in South Korea on embezzlement charges.
Mr Chung and Hyundai are accused of creating slush funds to pay politicians and officials for business favours.
A Seoul judge said earlier that he had issued the arrest warrant because he feared Mr Chung may go into hiding or tamper with evidence
South Korean prosecutors have asked for an arrest warrant for Chung Mong-koo, head of the Hyundai motor group, on embezzlement charges.
He is at the centre of allegations of illegal political lobbying.
The car giant is suspected of creating a slush fund to pay politicians and officials for business favours
The chairman of Hyundai, Chung Mong-koo, is being questioned by South Korean prosecutors about allegations of illegal political lobbying.
As he arrived at the prosecutors’ office in Seoul, Mr Chung again offered an apology to the South Korean people.
The car giant is suspected of creating a slush fund to pay politicians and officials for business favours
Hyundai has made a public apology and pledged to donate assets to charity amid a widening probe into alleged corruption at the Korean car giant.
The firm, which is being investigated by prosecutors over claims of illegal political lobbying, said it would fully co-operate with the inquiry.
Hyundai said its chairman Chung Mong-Koo and his son would set aside assets worth 1 trillion won ($1bn)
Prosecutors have arrested the chief executive of carmaker Hyundai Motor’s logistics subsidiary, Glovis, on corruption charges.
Lee Ju-eun is suspected of embezzling 7bn won ($6.73m; £3