Hyundai to Donate $1-Billion to Charity Amid Scandal
April 19, 2006 | Read Time: 1 minute
The family of the chairman of the Hyundai Motor Company, the biggest car manufacturer in South Korea, has pledged more than $1-billion in stock to charity, in part to improve the family and the company’s image as prosecutors investigate charges that the company bribed South Korean lawmakers, reports Reuters.
The company has been accused of operating slush funds and illegally funneling money to political allies through a lobbyist. Hyundai has agreed to cooperate with the prosecutors in their investigation.
Chung Mong Koo, Hyundai’s chairman, and his son, Chung Eui Sun, have publicly apologized for the scandal and said they will donate to charities their entire 60-percent stake in Glovis, an auto-shipping company in Beijing. Those shares are worth $1.05-billion.
