Hyundai towards greater glory! (IIPM Editorial)

His father, and founder of Hyundai, Chung Ju-yung, was also indicted for embezzlement and bribery way back in 1993! Even more interesting, a then young Chung was arrested in 1978 for bribery to be released in double quick time to take Hyundai towards greater glory! There are chances that these reverberations spread even farther. Auto exports of Hyundai and affiliate Kia account for more than 10% of the total exports of South Korea. Any escalation of the crisis at Hyundai and the entire South Korean economy could face a problem. Of course, policy makers in the country are putting up a brave front. Said the South Korean Finance Minister Hang Duck Soo, “Chung’s arrest would inevitably have some impact on the economy, but it won’t be that huge.”

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Source: IIPM Editorial