Monday, October 03, 2005

Corporate Crime: Hyundai accuse former head of misusing $500,000

The Hyundai Group has said that Kim Yoon-kyu, former head of Hyundai Asan Corp., did misappropriate $500,000 of public money intended for inter-Korean cooperation projects for personal use.

The statement comes two days after the Ministry of Unification said Mr. Kim could not have used state funds intended to subsidize Hyundai Asan's tours to Mount Kumgang in North Korea. Kim, was dismissed as chief executive of Hyundai Asan in August after embezzling $1.08 million in company and government funds.

Rumour has it that he is heading to Australia to start up a new insurance company, as he has all the necessary qualifications. If he suddenly acquires a bad memory, he will fit in perfectly.