Accusations of Corruption
Hyundai Asan has faced accusations of being a vehicle for illegally transferring US$ 100 million to North Korea from the government of former South Korean President Kim Dae-jung. The money was supposedly used to persuade North Korean leader Kim Jong-il to attend the inter-Korean summit in 2000. Hyundai Asan is building an industrial park, cross-border roads and railway lines in North Korea. The delay of the projects, due to political difficulties, put severe financial strains on the company. The head of Hyundai Asan, Chung Mong-hun, faced corruption and embezzlement charges. Chung was tried on charges of manipulating company accounting records to hide the secret transfers and embezzling more than twelve million dollars of company funds to pay bribes.
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