Convicted Hyundai chairman pledges $1B+ to charity at appeal hearing Michael Sung at 1:27 PM ET
[JURIST] Chung Mong-koo [Forbes profile], chairman of Hyundai Motors Group [corporate website], pressed an appeal of his February 5 conviction [JURIST report] for embezzlement and bribery Tuesday by submitting a written "pledge" to the Seoul High Court, hoping to obtain leniency by honoring an earlier promise to donate shares valued at one trillion won ($1.07 billion USD) to charity over a period of seven years. Chung was sentenced to a three-year prison term.
Chung was arrested last April with two lobbyists who were accused of taking bribes from Hyundai in exchange for helping the company win construction permits and other business favors from the South Korean government. Prosecutors have also investigated Chung's son, Kia Motors [corporate website] President Chung Eui-sun, but he has not been arrested or charged. AFP has more.
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