Chung Mong-koo

Chung Mong-Koo
Chung Mong-Koo.jpg
Born(1938-03-19) 19 March 1938 (age 79)
Tongchon County, Gangwon Province, South Korea
EducationHanyang University
Alma materHanyang University (B.S.)
OccupationChairman of Hyundai Motor Group
Net worth$6.8 billion (2014)
Spouse(s)Lee Jung-Hwa (Deceased)
Children4
AwardsVan Fleet Award (2009)

Biography

Chung Mong-koo (given birth to March 19, 1938, in Gangwon Province) may be the chairman of Hyundai Engine Group, a prominent car producer in South Korea. The Hyundai Engine Group includes 42 subsidiaries and may be the second largest Chaebol in South Korea. Chung been successful his dad, Chung Ju-yung, the creator from the conglomerate referred to as the Hyundai Group. When the conglomerate put into many parts in 1999, Chung Mong-koo overran the Hyundai Engine division. He’s the eldest making it through child of Chung Ju-yung’s eight sons. He was convicted of embezzlement and breach of fiduciary responsibility in Feb 2007, but was presented with a suspended phrase and was fully pardoned by Chief executive Lee Myung-bak. By March 2014, his net well worth was $6.8 billion according to Forbes.

Education

Graduated, Kyungbock SENIOR HIGH SCHOOL Bachelor of Technology in commercial engineering, Hanyang University

Professional experience

2000–present: Chairman & CEO of Hyundai Engine Co. & Kia Motors Corp. 1996–1998: Chairman of Hyundai Group 1987–1998: CEO, Hyundai Engine Assistance 1986: CEO, Incheon Iron & Metal 1981: CEO, Hyundai Tube 1977: CEO, Hyundai Precision & MarketHe also owns Innocean, a advertising agency, along with his eldest girl Chung Sung-yi.

Management

Chung is referred to as a "vigorous septuagenarian" who involves just work at 6:30 a.m. and "individually heads regular quality testimonials with senior professionals".Although he only holds 5.2% of Hyundai Electric motor’s share, Chung "wields disproportionately strong control" and can control its plank because of a organic corporate governance arrangements where Hyundai Electric motor owns 34% of Kia, which owns 16.9% of Mobis, which owns 20.8% of Hyundai Motor. Which means that "as the businesses essentially control one another, no outside shareholder is normally strong enough to mention board associates".

Controversies

2007 embezzlement conviction

In 2006, he and his family were targeted from the Seoul Supreme Prosecutor's Workplace within a study into embezzling 100 billion received ($106 million) from Hyundai to produce slush funds to bribe officials. Despite a travel ban, Chung remaining South Korea in Apr 2006. Chung was caught on 28 Apr 2006 on costs linked to embezzlement and additional corruption.On 5 Feb 2007 he was convicted of embezzlement and breach of fiduciary responsibility for offering securities to his child Chung Eui-sun at below-market prices. He was sentenced to 3 years in jail. Chung remained free of charge on bail while he appealed the phrase. On Sept 6, 2007, Main Judge Lee Jae-hong ruled to suspend the phrase of Chung Mong-koo (in concern of the large economic effect of imprisonment), purchasing rather than a 3-12 months prison term, community support and a $1 billion donation to charity.The trial was viewed as "a victory for transparency and rule of legislation in South Korea", but on August 15, 2008, South Korean Chief executive Lee Myung-bak granted him a particular pardon to permit Chung to keep to donate to the introduction of Hyundai Engine Group aswell as the Korean economy.

Nepotism

His only child Chung Eui-sun is his "heir apparent", despite his relatively unproven business and leadership abilities. Relating to Bloomberg, "no-one can assess how Eui Sunlight will perform when he turns into chairman because his dad maintains him on a good leash".Furthermore, in 2011, he was accused of nepotism when Ozen, a bakery cafe whose advisors included his 3 daughters Sung-yi, Myung-yi, and Yun-yi, setup shop in organization buildings. Ozen ultimately shut in 2012.

Awards and honors

2009: Adam A. Truck Fleet Prize, The Korea Culture 2008–present: Honorary Chairman from the Organizing Committee for the Expo 2012 in Yeosu 2001: Honored Distinguished Program Citation by Detroit’s Automotive Hall of Popularity 1997–present: Honorary Vice Leader of Globe Archery Federation 1986–1997: Chairman of Asia Archery Association 1985–1997: Chairman of Korea Archery Association

See also

Automotive industry in Southern Korea Chaebol Chung Eui-sun Set of Korea-related topics Set of Koreans

Source
Wikipedia
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