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Article: Probe Reveals Urgent Need for Reform at Hyundai.
- Article from:
- YON - Yonhap News Agency of Korea
- Article date:
- April 17, 2006
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(EDITORIAL from the Chosun Ilbo on April 17)The Hyundai Automotive Group, in trying to write off 55 billion won(US$55 million) out of 200 billion won in debts owed by insolvent Kia affiliates when it took them over, allegedly used an intermediary to bribe officials at Korea Development Bank (KDB) and financial regulators with two billion won. Prosecutors have applied for arrest warrants for two former KDB officials on charges of taking one billion won and 100 million won in bribes.
KDB was then given 20 billion won in public funds to make up for writing off the debt. In the end, then, it was the people who repaid Hyundai Motor's debts instead. The Hyundai ...