Two months after being arrested
on charges of embezzlement and breach of trust, Hyundai Motor’s
chairman, Chung Mong-koo, has been released on bail set at $1 million.
The company is now set to start work again on overseas projects that were
brought to a halt when the charges were initially made. The construction
of a €1 billion plant in the Czech Republic has so far been postponed,
along with ceremonies for a US plant.
Further troubles were recently raised at Hyundai this week as Union workers
declared partial strikes over wage issues. The bail of its chairman is
expected to help the company to recover, with a Hyundai spokesman stating
that delayed projects are now set to resume.
The court has said Mong-koo admitted responsibility regarding allegations
that he created secret funds and ruled the defendant did not present a
flight risk and would be unlikely to destroy evidence as investigations
into all related people has been completed.
The next court hearing is scheduled for 10 July.
Hyundai Motor’s chairman arrested
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