Reuters reports that South Korean prosecutors are set to indict the chief executive of Hyundai Motor Co., for political funding violations and negligence, a prosecution official said on Monday.
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The charges are part of an investigation into the activities of large Korean companies over allegations they provided illegal campaign funds to political parties during the 2002 presidential campaign.
“Vice Chairman Kim (Dong-jin) will be indicted today,” said Kook Min-soo, spokesman for the Supreme Public Prosecutors’ Office. Kim is also vice chairman of Hyundai Motor Group, South Korea’s third-largest conglomerate.
The prosecutor said Kim would be charged with violating campaign finance laws and managerial negligence, Reuters reported.
A spokesman for Hyundai Motor Group declined to comment, Reuters added.
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By GlobalDataMore than a dozen members of parliament have been detained and indicted for allegedly accepting funds from South Korea’s major corporations.
Several aides to President Roh Moo-hyun, the winner of the December 2002, election, have also been indicted in the multi-million dollar illicit campaign fund scandal.
Kim is accused of playing a key role in raising a slush fund to support politicians in the 2002 presidential race, prosecutors said.
