Hyundai Execs Detained

By: The Associated Press
By: The Associated Press

South Korean prosecutors said Friday they detained two top executives of Hyundai Motor Company and a former executive of a state-run bank in a growing scandal over allegations the company created a slush fund to buy influence with government officials.

Chief Financial Officer Lee Jung-dae and Kim Seung-nyun, a vice president in charge of procurement, were the first Hyundai Motor executives to be detained in the investigation. Also detained Friday was Park Sang-bae, former deputy governor of the state-run Korea Development Bank.

Hyundai Motor declined to make any comment.

Over the past month, prosecutors have raided offices of Hyundai and its three affiliates, Kia Motors, logistics unit Glovis Company and auto-parts maker Hyundai Autonet and questioned key officials.

Hyundai Motor Chairman Chung Mong-koo has not been questioned. The automaker operates a huge assembly plant in Montgomery.


WTOK-TV 815 23rd Ave Meridian, Ms. 39301 Phone: (601) 693-1441
Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 2635186 - wtok.com/a?a=2635186
Gray Television, Inc.