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May 22, 2008

SOUTH KOREA: Shareholders to sue Hyundai chairman

Hyundai shareholders are suing Hyundai Motor Group chairman, Chung Mong-koo, and another executive.

Hyundai shareholders are suing Hyundai Motor Group chairman, Chung Mong-koo, and another executive.

According to Reuters, a South Korean civil group, Solidarity for Economic Reform, said that minor shareholders were suing the executives for compensation for 563.1 billion won ($536.1m) in losses at the company.

Yesterday, South Korean prosecutors again sought a a six year jail term for Mong-koo for fraud and embezzlement.

There is mounting pressure on South Korea’s large conglomerates, called ‘chaebols’ to become more transparent. Last month the chairman of Samsung Group announced he would resign after he was found guilty of tax evasion and breach of trust.

Last September, Chung was ordered to pay 840bn Won and write essays about corporate governance in exchange for avoiding a prison term.

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