Hyundai chairman out on bail in Seoul | india | Hindustan Times
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Hyundai chairman out on bail in Seoul

Chung Mong-koo, the head of South Korea's top automaker Hyundai Motor, was freed on bail of one million dollars on Thursday.

india Updated: Jun 30, 2006 12:05 IST

Chung Mong-koo, the head of South Korea's top automaker Hyundai Motor, was freed on bail of one million dollars on Thursday, two months after he was jailed on corruption charges, his lawyer said.

"Chairman Chung was released and is now in hospital for treatment and recuperation from illness. He is very exhausted," said lawyer Kim Jae-Jin.

Chung, 68, was arrested and jailed on April 28, and then indicted last month on charges of embezzling $83.9 million from the company and breach of trust.

Prosecutors have accused Chung of amassing 103.4 billion won in secret funds to bribe politicians and officials in return for favours for the company.

They also suspect he used part of the money to facilitate the illicit transfer of corporate wealth and management control to his son.

Chung went on trial earlier this month and in a letter to the court on June 15,the business tycoon apologised for approving the slush fund at the firm. At a hearing on Monday, he again apologised to the court, saying he repented "bitterly for past wrongdoing".

Chung's defence team had repeatedly requested bail, citing his advanced age, health problems and arguing he was not a flight risk and that his detention left Hyundai Motor rudderless.

Senior court judge Kim Dong-O said the business tycoon had posted one billion won bail. "The decision was made in consideration of that fact that there is no fear that he will destroy evidence as he has already admitted to having raised a slush fund and there were also concerns about a management vacuum (at Hyundai Motor) caused by his prolonged detention.