Chung Mong-koo, the chairman of Hyundai Automotive Group, has apologised for his role in creating slush funds through affiliated companies, and using them to bribe government officials for business favours, according to The Korea Herald.
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“I sincerely apologise for raising the secret funds and using them,” Chung wrote. “I’m fully responsible for the fact that funds were created and used outside of the company in the past, and I will take any legal responsibility.”
This statement goes further than Chung’s admission earlier in the week, when he said, “I admit to my guilt, to a certain extent.”
In a petition to the Seoul court, Chung also expressed his regrets at not being able to participate in World Cup events, with Hyundai being one of the lead official sponsors.
Chung has appealed for his release on bail due to poor health.
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