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Chung Mong-koo , the chairman of Hyundai Motors who was convicted of fraud and embezzling over $100 million from Hyundai, has not only avoided all jail time, but he will remain as chairman of the company! This epic level of unbelievability proves once again people aren't really all that different in all corners of the world — violent crime is rewarded with hard time, while massive white collar crime gets a handshake and pat on the back. Our favorite part of this whole thing is the reasoning the judge gave for deciding against jail time. Judge Kil Ki-bong affirmed Chung's conviction and said though it "is deemed grave... the funds were used for company purposes, not his personal use" and assuaged jail time so that Mong-koo could get "the last chance to contribute to the national economy." See, Korea doesn't even bother to lie to people, they just come right out and say it. At least the honesty of the system is refreshing, if nothing else. [ Financial Times ] ...
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Chung Mong-koo , the chairman of Hyundai Motors who was convicted of fraud and embezzling over $100 million from Hyundai, has not only avoided all jail time, but he will remain as chairman of the company! This epic level of unbelievability proves once again people aren't really all that different in all corners of the world — violent crime is rewarded with hard time, while massive white collar crime gets a handshake and pat on the back. Our favorite part of this whole thing is the reasoning the judge gave for deciding against jail time. Judge Kil Ki-bong affirmed Chung's conviction and said though it "is deemed grave... the funds were used for company purposes, not his personal use" and assuaged jail time so that Mong-koo could get "the last chance to contribute to the national economy." See, Korea doesn't even bother to lie to people, they just come right out and say it. At least the honesty of the system is refreshing, if nothing else. [ Financial Times ] ...