A Scratch on Hyundai's Paint Job
On the surface, the arrest of the chief executive of a key affiliate of Hyundai Motor Co. seems to be a classic case of Korean corporate shenanigans. State prosecutors on Mar. 26 raided Hyundai's offices, and have accused Korea's biggest auto maker of using companies controlled by Chairman Chung Mong Koo's family to raise money for illegal political lobbying. Police detained Lee Ju Eun -- the CEO of Glovis Co., Hyundai's auto-shipping arm -- and grabbed computer hard drives and paper documents. Lee has been charged with creating a $7.2 million slush fund, while Hyundai group executives, including Chung's son, Eui Sun, have been barred from leaving the country.
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