Hyundai Motor chairman Chung Mong-koo on Monday admitted to having a role in setting up slush funds through affiliates of the car manufacturer, according to Reuters.
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He said: “I admit to my guilt, to a certain extent.”
Chung was making his second appearance at his trial. He is charged with breach of trust and embezzling US$110m, and with incurring losses at group companies by forcing them to support weaker affiliates, said Reuters.
The 68 year old appeared in court in a wheelchair.
Prosecutors have opposed a request for bail.
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By GlobalDataLast Friday, prosecutors said they would not indict Chung Eui-sun, the president of Kia Motors.
