Hyundai - What a joke.

[Kiwon]

Hyundai Motor chairman Chung Mong-koo was convicted of embezzling $200 million from his company. He was sentenced to three years in prison but will go free as the sentence was suspended.

This is the state of corporate governance in Korea.

So if you are convicted of embezzling $200 million from your company (stockholders), hurt its sales and reputation to the tune of another $200 million, then promise to donate $1 Billion to charity, you are able to avoid jail and REMAIN CHAIRMAN OF THE COMPANY YOU STOLE FROM.

What a joke. Investors, avoid Hyundai stock. Boycott Hyundai cars.

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"The Seoul High Court sentenced Chung to three years in prison but suspended the term for five years. The W840 billion will be used to protect the environment and build cultural facilities for low-income classes. Chung also has to give more than two hours of lectures on corporate management to the Federation of Korean Industries and contribute writings on the same issue to newspapers.

The bench upheld the guilty verdict but suspended the jail term, saying the risk to the Korean economy by putting him in jail was too great."

[MJZiggy]

What a joke. Investors, avoid Hyundai stock. Boycott Hyundai cars.

Well, this part shouldn't be a problem...
(I wouldn't think of owning a Hyundai)

[Merlin]

Would anyone admit to owning one? I think they are the Pinto and Gremlin's of the 21st Century!

[Kiwon]

No, Hyundai cars are fine. Very good buys for the money. They rank just behind Toyota and Lexus in terms of quality and customer satisfaction.

And Hyundai has invested in America. $1 Billion Hyundai plant in Alabama and a Kia plant in Georgia.

The problem is back home. The court affirms the chairman's theft of investors money but then refuses to punish him? Unbelievable. Hyundai is a flagship corporation for Koreans and a source of national pride but even they are boycotting Hyundai Motors.

I hate theives, period. White collar or blue.

BTW, did they ever catch the guy who stole Deanna Farve's purse last year at Lambeau?

[Deputy Nutz]

No, Hyundai cars are fine. Very good buys for the money. They rank just behind Toyota and Lexus in terms of quality and customer satisfaction.

And Hyundai has invested in America. $1 Billion Hyundai plant in Alabama and a Kia plant in Georgia.

The problem is back home. The court affirms the chairman's theft of investors money but then refuses to punish him? Unbelievable. Hyundai is a flagship corporation for Koreans and a source of national pride but even they are boycotting Hyundai Motors.

I hate theives, period. White collar or blue.

BTW, did they ever catch the guy who stole Deanna Favre's purse last year at Lambeau?

I saw the comparison commercial between the lexus and the hynduaedss SUV

[Freak Out]

Hyundai makes a lot more than cars....

[Scott Campbell]

Would anyone admit to owning one? I think they are the Pinto and Gremlin's of the 21st Century!

While I don't own one, it's not because they build garbage like they did 10 years ago. IMO, they've significantly closed the gap in terms of quality. They should steal a page from Toyota, Nissan and Honda, and launch a premium line like Lexus, Infinity or Acura. That might win over a bunch of buyers that wouldn't be caught dead driving a Hyundai because of preconceived perceptions of low quality.

[Scott Campbell]

So if you are convicted of embezzling $200 million from your company (stockholders), hurt its sales and reputation to the tune of another $200 million, then promise to donate $1 Billion to charity, you are able to avoid jail and [b]REMAIN CHAIRMAN OF THE COMPANY YOU STOLE FROM.

That is incredibly screwed up. I'd equate it to putting Jeff Skilling in as CEO of Exxon.

[Kiwon]

Scott, the government and the judiciary is in the pockets of the large corporations that helped Korea skyrocket to modernity.

In fact, the Seoul High Court practically thanked him for the $1 billion gesture and told him that it was too generous. Their 2-hour lecture sentence is even more of a joke.

I would just like to see common sense and the rule of law prevail WITHIN South Korea. A chairman steals $200 million from his shareholders, gets convicted, and then escapes any real penalties? This is why corruption is rampant at all levels and the average Joe, or Cho, in this case, doesn't respect the government.

This guy ran for President a few years ago. His brother was the one who actually passed $500 million to North Korea illegally in cooperation with President Kim, Dae-jung who then went on to win the Nobel Peace Prize. When the truth came out and the brother started to face scrutiny, he tried to fly out of his 11th floor office window. He proved the law of gravity was still in effect.

Korea needs foreign investment but what on earth makes it an attractive option when you have lawlessness going on?