Convicted Embezzler Promoted To President at Hyundai

Hyundai Motor Co. of Seoul, South Korea, announced the promotion to president of a top executive convicted this month for assisting Chairman Chung Mong-koo in embezzling company funds.

The promotion of Chief Financial Officer Lee Jung-dae to become one of Hyundai's seven presidents was part of an annual reshuffle of executives in the Hyundai Motor Group, said Hyundai Motor spokesman Jake Jang.

Lee, who will retain his position as CFO, is one of 250 executives at Hyundai Motor, Kia Motors Corp. and other group companies affected by the promotions, Jang said.

Though convicted on Feb. 5 and handed a 2 ½-year prison term, the 51-year-old Lee will remain free as long as he stays out of trouble for three years.


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quizz - 2/16/2007 1:12:31 PM

+2 Boost

LOL, either Korea lacks qualified executives or the mob is running the show.

Neverfollow - 2/17/2007 11:30:12 AM

+2 Boost

Uh......that would be the latter.

SilverAero - 2/18/2007 11:43:10 PM

+2 Boost

He could be our president.

Neverfollow - 2/22/2007 4:24:42 PM

+1 Boost

He would make a great Republican!