Hyundai Motor is struggling to distance itself from the presidential ambition of the owner of a brotherly conglomerate for fears of possible backlash from the political circles, according to a report in the Korea Herald.
The newspaper report says that the company is considering declaring its non-interventionist stance in the presidential ambition of Chung Mong-joon, owner of Hyundai Heavy Industries and the younger brother of Hyundai Motor Group Chairman Chung Mong-koo. Chung will reportedly not visit the Paris Motor Show this month because he wants to avoid media attention and questioning over the issue.
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The Herald report says that the extraordinary sensitivity arises from speculation that the automotive group may still be vulnerable to a possible government crackdown on ‘suspicious and massive internal transactions and the half-done scheme for the father-to-son succession involving Chung Mong-koo and his only son, Eui-sun’.
