The investigation into Hyundai Automotive Group continues to uncover further corruption, leading to speculation in Korea that the business may be driven into collapse, according to The Korea Times.
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At the end of last week two people were taken into custody for taking bribes to write off bad debt totaling around 55 billion won in 2001. One of those was Park Sang-bae, the former deputy governor of the state-controlled Korea Development Bank.
Today the prosecution today questioned Kim Dong-jin, vice chairman of Hyundai Automotive Group. Prosecutors are also prepared to subpoena Chairman Chung Mong-koo and his son, Eui-sun, president of Kia Motors, possibly this week, according to the Korea Herald.
Chairman Chung left for Beijing for the groundbreaking ceremony for Hyundai’s second Chinese plant. He returns Wednesday.
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