Warrant Sought for Chairman of Hyundai
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From the Associated Press
Prosecutors sought to arrest Hyundai Motor Co. Chairman Chung Mong-koo in a bribery and slush fund scandal engulfing South Korea’s largest automaker. The company’s shares fell 3% and it delayed its first-quarter earnings announcement.
The request for an arrest warrant for the 68-year-old Chung is subject to court approval. The Seoul District Court said a hearing was scheduled for today.
The investigation has highlighted concerns in South Korea about transparency at the family-run industrial conglomerates, or chaebol, where lax corporate governance is seen as a major problem.
