Chung Mong-koo
Encyclopedia
Chung Mong Koo is the chairman of Hyundai Motor Group, the largest carmaker in South Korea
. The Hyundai Motor Group is consist of 42 subsidiaries and it is second largest Chaebol
in South Korea. Chung succeeded his father, Chung Ju-yung
, founder of what would become the Hyundai Conglomerate (in Korean,"Chaebol") When the conglomerate split into several parts in 1999, Chung Monk Koo took over the Hyundai Motor business. He is eldest surviving son of Chung Ju-yung's eight sons.
Chung Mong Koo is much credited with improving the reputation, perception and sales of Hyundai vehicles by shifting the automaker's emphasis from production to quality.
into embezzling 100 billion won ($106 million USD) from Hyundai to create slush fund
s.
Despite a travel ban, Chung left South Korea in April 2006. Chung was arrested on 28 April 2006 on charges related
to embezzlement and other corruption
He was convicted of embezzlement and breach of fiduciary duty on 5 February 2007 and sentenced to three years of
prison.
Chung remained free on bail while he appealed the sentence.
On September 6, 2007, Chief judge Lee Jae-Hong ruled to suspend the sentence of Chung Mong-koo
(in consideration of the huge economic impact of imprisonment), ordering instead of a 3-year jail term,
the performance of community service and a $1 billion donation to charity. However on August 15, 2006, on the occasion of Korea’s 63rd Independence Day, the ministry of Justice granted
a special pardon to eliminate all charges and sentences in order Mr. Chung to continue to contribute to the
development of Hyundai Motor Group as well as Korean national economy. In 2009, the Hyundai Genesis luxury sedan won the North American Car of the Year award. By early 2011, Hyundai motor group was gauged by some in the auto industry to be the world’s fourth-largest automaker.
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
. The Hyundai Motor Group is consist of 42 subsidiaries and it is second largest Chaebol
Chaebol
Chaebol refers to a South Korean form of business conglomerate. They are global multinationals owning numerous international enterprises. The term is often used in a context similar to that of the English word "conglomerate"...
in South Korea. Chung succeeded his father, Chung Ju-yung
Chung Ju-yung
Chung Ju-yung was a South Korean businessman and the the founder of Hyundai Group.-Early life:Chung Ju-yung was born in Tongchon, Kangwŏn province , during a time when Korea was under Japanese rule. Born to a large impoverished family of peasants, he was the oldest out of six children...
, founder of what would become the Hyundai Conglomerate (in Korean,"Chaebol") When the conglomerate split into several parts in 1999, Chung Monk Koo took over the Hyundai Motor business. He is eldest surviving son of Chung Ju-yung's eight sons.
Chung Mong Koo is much credited with improving the reputation, perception and sales of Hyundai vehicles by shifting the automaker's emphasis from production to quality.
Professional Experience
- 2000 ~ Present : Chairman & CEO of Hyundai Motor Co. & Kia MotorsKia MotorsKia Motors , headquartered in Seoul, is South Korea's second-largest automobile manufacturer, following the Hyundai Motor Company, with sales of over 1.4 million vehicles in 2010...
Corp. - 1996 ~ 1998 : Chairman of Hyundai GroupHyundai GroupHyundai Group is a South Korean conglomerate founded by Chung Ju-yung. The first company in the group was founded in 1947 as a construction company. With government assistance, Chung and his family members rapidly expanded into various industries, eventually becoming South Korea's second biggest...
- 1987 ~ 1998 : CEO, Hyundai Motor Service
- 1986 : CEO, Incheon Iron & Steel
- 1981 : CEO, Hyundai Pipe
- 1977 : CEO, Hyundai Precision & Industry
Education
- 2001 : Honorary Ph.D (National University of Mongolia)
- 2000 : Honorary Ph.D (Korea UniversityKorea UniversityKorea University is a prestigious nonsectarian, private research university located primarily in Seoul, South Korea, and one of the SKY universities, a historical acronym used in South Korea to refer to Seoul National University, Korea University, and Yonsei University. Founded by Lee Yong-ik in...
) - 1989 : Honorary Ph D (University of Connecticut)
- 1967 : Bachelor of Industrial Engineering (Hanyang UniversityHanyang UniversityHanyang University is one of the most prestigious universities in South Korea. In particular, Hanyang's School of Engineering is one of the oldest engineering schools in Korea. The main campus is Hanyang University at Seoul, located in the Seoul, with its branch campus, the ERICA campus , located...
) - 1959 : Kyung Bok High School
Awards & Honors
- 2009 : Van Fleet Award, The Korea Society
- 2008 ~ present : Honorary Chairman of the Organizing Committee for the Expo 2012 Yeosu
- 2001 : Awarded Distinguished Service Citation by Detroit’s Automotive Hall of Fame
- 1997 ~ present : Honorary Vice President of International Archery Federation
- 1986 ~ 1997 : Chairman of Asia Archery Association
- 1985 ~ 1997 : Chairman of Korea Archery Association
Others
He was named by Business Week as one of top managers for 2004. In 2006, he and his family were targeted by the Seoul Supreme Public Prosecutor's Office as part of an investigationinto embezzling 100 billion won ($106 million USD) from Hyundai to create slush fund
Slush fund
A slush fund, colloquially, is an auxiliary monetary account or a reserve fund. However, in the context of corrupt dealings, such as those by governments or large corporations, a slush fund can have particular connotations of illegality, illegitimacy, or secrecy in regard to the use of this money...
s.
Despite a travel ban, Chung left South Korea in April 2006. Chung was arrested on 28 April 2006 on charges related
to embezzlement and other corruption
He was convicted of embezzlement and breach of fiduciary duty on 5 February 2007 and sentenced to three years of
prison.
Chung remained free on bail while he appealed the sentence.
On September 6, 2007, Chief judge Lee Jae-Hong ruled to suspend the sentence of Chung Mong-koo
(in consideration of the huge economic impact of imprisonment), ordering instead of a 3-year jail term,
the performance of community service and a $1 billion donation to charity. However on August 15, 2006, on the occasion of Korea’s 63rd Independence Day, the ministry of Justice granted
a special pardon to eliminate all charges and sentences in order Mr. Chung to continue to contribute to the
development of Hyundai Motor Group as well as Korean national economy. In 2009, the Hyundai Genesis luxury sedan won the North American Car of the Year award. By early 2011, Hyundai motor group was gauged by some in the auto industry to be the world’s fourth-largest automaker.
See also
- ChaebolChaebolChaebol refers to a South Korean form of business conglomerate. They are global multinationals owning numerous international enterprises. The term is often used in a context similar to that of the English word "conglomerate"...
- Chung Eui-sunChung Eui-sunChung Eui-sun , also spelled Chung Eui-son, is a South Korean businessman. He is the vice chairman of Hyundai Motor Company and the only son of Hyundai Motor Group chairman Chung Mong-koo....
- Jeonbuk FC
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- List of Koreans