Thursday, April 20, 2006

Hyundai apologises amid scandal

Hyundai has made a public apology and pledged to donate assets to charity amid a widening probe into alleged corruption at the Korean car giant.The firm, which is being investigated by prosecutors over claims of illegal political lobbying, said it would fully co-operate with the inquiry.

Hyundai said its chairman Chung Mong-Koo and his son would set aside assets worth 1 trillion won ($1bn).
"We bow to the people and apologise," the firm said in a statement
Read the article here

Korean firm Samsung pursued a similar course of action in February, donating $800m in assets to a public fund after being embroiled in a number of scandals.

Korean society is very Confucian," said Mo Jong Ryn, a professor of political science at Seoul's Yonsei University. Hyundai is "asking for forgiveness instead of dealing with its problems legally."
Read the piece on WSJ here


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