BEIJING, Feb. 5 (Xinhuanet) -- Hyundai Motor Chairman
Chung Mong-koo was sentenced to three years in prison Monday after a South
Korean court convicted him of embezzling money from the company.
A statement issued by Hyundai said Chung plans to
File photo shows Hyundai Motor chairman Chung Mong-koo arriving for his trial at the Seoul Central District Court in Seoul, Jan. 16, 2007. (Reuters Photo)
Chung was found guilty of funneling 106 million
U.S. dollars in company money into a slush fund to seek government favors and of
breach of trust for incurring more than 300 million dollars in damages to the
Some of the questionable deals allegedly protected
his financial interests and those of his son, Eui-sun, who heads Hyundai
affiliate Kia Motors, the country's second-largest car maker after Hyundai, The
Associated Press reported.
Chung has admitted using affiliated companies to set
up slush funds, but said he knew no details of the arrangements.
The 68-year-old executive will continue working while
the appeal to Monday's ruling is pending, the company said.
Prosecutors had sought a six-year prison term for
Chung; he had asked for a suspended sentence.
Chung was arrested last April and spent two months in
jail before being released on 1 million dollars bail. Other company officials
have also been on trial.
Hyundai is the world's sixth-largest automaker and a
pillar of South Korea's economy. Hyundai Motor and Kia Motors account for more
than 70 percent of South Korea's automobile exports, according to AP.