Creditors of the beleagured chaebol unit Hyundai Motor have demanded the resignation of chairman Chung Mong-koo, in line with a promise made by the firm this year. Kim Kyung-lim, president of the firm's main creditor Korea Exchange Bank, said yesterday Chung Mong-koo should retire to keep Hyundai's promise made to the public on May 31.

"Hyundai lost the people's trust as it did not keep its promise. Consequently, Chung Mong-koo should resign following the path of Hyundai founder Chung Ju-yung and Hyundai Asan Chairman Chung Mong-hun who have virtually withdrawn from management," he said.