The boss of Hyundai, Chang Mong Koo, has been in court again. After he embezzled an estimated 90bn won (around $89m or £45m at today’s rates), and in February 2007 he was sentenced to three years in prison. Of course, being one of South Korea’s elite, he thought that this was something of an injustice. After all, these people pretty much pay for for the government with the tax revenue their businesses operate, so they have a belief that they should be above the law. Unfortunately, it seems that the South Korean judiciary share this view.
Was he fired from his job? Not exactly! In fact, Hyundai not only allowed him to continue working there when he was bailed pending appeal, but they also helped him during the appeal.
“I ask for an opportunity for me to contribute to the company and the national economy one last time.” (June 2007)
His first appeal failed, but not being one to give up, he launched a subsequent appeal. The prosecutors wanted 6 years, as they wanted to send a message out to show that they were serious about tackling corruption. The culture of corruption undoubtedly hinders foreign investment, and it should be in the national interests to act tough and show the international business community that their money was safe in South Korea. Chang had other ideas.
In September of 2007, he won an appeal.
“The court has been agonising over whether to put the accused in jail or keep him out of prison … In consideration of the huge economic impact that could result from imprisonment, it decided to suspend the sentence.” (Judge Lee Jae Hong, September 2007)
His 3 year sentence was suspended, and he was ordered to do 300 hours of community service. Litter picking, and working with the riff-raff was well and truly OFF the agenda though. His community service was to be somewhat lighter: Delivering business lectures and writing newspaper articles!
The prosecution decided to try and have the appeal sentence overturned, and so went back to court. It was decided that the 300 hours of writing/speaking was too lenient, and so he should now spend his community service time doing manual charity work.
Is it just me, or does something about this case stink. He steals a pile of cash, and had it earmarked for paying off politicians and public officials, and when he is caught, the public officials treat it as if he had been caught scrumping. Something tells me we won’t be seeing any Boy George style pictures of this guy in the near future!
