Shareholders including civic groups led by Solidarity for Economic Reform filed a derivative suit at the Seoul Central District Court on May 28 against Hyundai Motor chairman Chung Mong-koo and vice chairman Kim Dong-jin for the damages of W563.1 billion caused by their embezzlement and breach of fiduciary duty last year.

Before their filing a lawsuit, Chung was convicted in February 2007 of embezzling almost 70 billion won. He was also found guilty of breach of duty by causing losses to the company and affiliates by helping weaker units and selling stock to himself and his son at below market prices.

Here is a related news article.

© 2008 Wonil Chung, a Korean Corporate Lawyer/Chung & Partners, a Korean Corporate Law Firm.  All rights reserved. Some copyrights, photos, icons, trademarks, trade dress, or other commercial symbols that appear on this post are the property of the respective owners.