04-08-2003 21:02									#1
	Hyundai chief found dead Avatar Enlargement: We've got the solution

quote: A leading South Korean businessman has died in an apparent suicide after becoming embroiled in a scandal involving alleged secret payments to North Korea's leadership. Chung Mong-hun - chairman of the Hyundai Asan group - was found dead on Monday morning after falling from the 12th floor of his company headquarters in central Seoul. His body was found by his secretary at about 0600 (2100 GMT), but police said he had probably jumped some hours before. Mr Chung was indicted in June on false accounting charges, in connection with a scandal involving the transfer of $500m to North Korea, shortly before the historic North-South summit in 2000. At the time the summit was hailed as a breakthrough which helped South Korea's then-president Kim Dae-jung to win the Nobel peace prize. But it later came to light that the South's government appeared to have paid the North to take part. Mr Chung left three hurriedly-written notes for his family and deputy chairman, before apparently jumping out of an open window to his death. In the notes, he apologised for what he said was a "foolish act", and urged the company to continue its projects in North Korea. In a statement, Hyundai Asan said Chung "felt sorry to the Korean people because of the allegations related to the payment of funds from the company to North Korea". Tarnished by scandal Mr Chung was a leading member of South Korea's richest and most celebrated business family - the fifth son of the legendary tycoon Chung Ju-young, whose Hyundai group helped transform the country into a major industrial power. Hyundai Asan was the subsidiary branch responsible for investments and trade with North Korea. South Korean President Roh Moo-hyun, who took office five months ago, praised Mr Chung's work in promoting ties with North Korea. "Regardless of his death, I will try my best to advance current North-South Korea business projects, which must go forward without interruption," he was quoted as saying by presidential spokesman Yoon Tae-young. Mr Chung, along with other senior members of Hyundai, had been in the spotlight following allegations that North Korea was bribed to attend the historic North-South summit in June 2000. Hyundai said that the $400m it gave to North Korea was in payment for the company's monopoly rights to tourism and other projects in the impoverished communist state. But an independent investigation found that $100m was transferred on behalf of the South Korean Government, to help ensure the historic meeting took place. Mr Chung could have faced a jail term if found guilty. Former government officials have also been indicted, but not former President Kim Dae-jung. Hyundai has pioneered economic contacts with North Korea, and runs the only tourist trips across the demilitarised zone. Mr Chung, a frequent visitor to the North himself, is said to have requested that his ashes be scattered at Mount Kumgang, a scenic Northern resort to which Hyundai operated ferry tours. Shares of nearly all Hyundai units fell on news of the death, with investors jittery over the financial fallout for the firm. Shares of Hyundai's shipping company sank 7%, while Hyundai Engineering and Construction dropped 5.4%. The BBC correspondent in Seoul, Charles Scanlon, says that Mr Chung's suicide has raised doubts over Hyundai Asan's survival in its current form. The incident is also likely to be a severe setback for attempts at inter-Korean economic cooperation, our correspondent says.

http://news.bbc.co.uk/1/hi/world/asia-pacific/3121609.stm

1) If you're going to kill yourself because you got caught doing something naughty, why do it in the first place?

2) Is their any chance of this scandal touching Kim Dae-jung

	04-08-2003 21:07									#2
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1) because until recently, crony capitalism reigned so supreme in korea that the rich fat cats could get away with anything. besides, naughty rich boys are nothing new.

2) it already has--the majority of the population now thinks that kim dae jung bought his nobel prize.

	04-08-2003 21:10									#3
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btw: he's not the one in charge of the entire group, just the one that runs tours the north.

then again, since most of those chaebol are family ops...

	04-08-2003 21:12									#4
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quote: Originally posted by Q Cubed 2) it already has--the majority of the population now thinks that kim dae jung bought his nobel prize.

Mea culpa. I should have been more clear. I was refering to indictments being brought against him.

	04-08-2003 21:23									#5
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quote: Mea culpa. I should have been more clear. I was refering to indictments being brought against him.

not until the noh government's passed.

chun doohwan and roh taewoo being indicted was actually a surprise, seeing as kim youngsam had allied himself with them slightly a little earlier.

	04-08-2003 21:28									#6
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quote: Originally posted by DinoDoc 1) If you're going to kill yourself because you got caught doing something naughty, why do it in the first place?

Maybe Clifford Baxter could answer that one...

	04-08-2003 23:17									#7
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When, oh when, will American business leaders learn to emulate this excellent practice?

	04-08-2003 23:19									#8
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Hyundai is korean... i forgot about that...

	05-08-2003 00:47									#9
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Suicide, is what's being reported.
Despair over building cheapass cars, I would imagine.

	05-08-2003 17:27									#10
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quote: Originally posted by Rufus T. Firefly When, oh when, will American business leaders learn to emulate this excellent practice?

Kenneth Lay, your top-floor room is ready!

	05-08-2003 21:33									#11
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quote: Suicide, is what's being reported. Despair over building cheapass cars, I would imagine.

it's a joke, yes.

but the hyundai group and hyundai automotive no longer are associated in any financial way: they are two separate entities.

that proved to be quite the familial battle between the leaders of the hyundai group, when the elder son tore hyundai motor away to keep it alive and well.

hyundai asan is part of the hyundai group, btw.