Word: asan
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...lifting it up on a hydraulic platform to get a firsthand look. Likewise, the company's 68,000 workers are encouraged to make suggestions for improving quality in regular factory-floor meetings. Late last year, Yu Seung Byul, a quality inspector on the assembly line in Hyundai's Asan factory in Korea, invented an improved method for detecting missing bolts and brackets in hard-to-see nooks inside the car frame. He and his managers spent weeks debating how to solve the problem, with no results. Then, says Yu, "I woke up one morning, looked in the bathroom mirror...
...does put South Korean President Roh Moo Hyun's government in a bind. Seoul is deeply committed to its policy of economic engagement with Pyongyang. Since October 2002, it has transferred at least $900 million in cash, products and services to the North, according to government figures and Hyundai Asan, a company involved in joint North-South industrial projects. This year's transfers?if a planned donation of 500,000 tons of fertilizer goes ahead?will likely be at least $350 million. The new Kaesong industrial park, just north of the Demilitarized Zone, is the most visible symbol of economic...
...foolish thing.") But few men in South Korea could have had more burdens to bear. Chung, one of eight sons of the late Chung Ju Yung, pioneering chaebolist and founder of the Hyundai group, had been demoted in the Hyundai empire from group chairman to overseer of Hyundai Asan, the subsidiary that specializes in tourism and industrial investments in North Korea. He was on trial for his still-murky role in the clandestine transfer of at least $450 million to North Korea in 2000, money allegedly used to secure North Korean participation in a groundbreaking inter-Korean summit that year...
...suicide, prosecutors said Chung might have actually channeled $21 million into the fund. Former President Kim isn't currently under investigation for the slush fund or the summit pay-offs to North Korea; with Chung's death, he might never be. At a wake for Chung, a teary Hyundai Asan president Kim Yoon Kyu was heard in a TV news broadcast to say: "The chairman fell on his sword to end this whole thing...
...CHARGED. PARK JIE WON and LIM DONG WON, former South Korean government officials, and CHUNG MONG HUN, chairman of Hyundai Asan, with violations in connection with the 2000 summit between the two Koreas; in Seoul. Park (pictured), a top aide to Kim Dae Jung, then South Korea's President, was charged with having abused his authority. Chung and Lim, another Kim aide, were charged with having violated foreign-currency regulations. The Hyundai Group sent $500 million to North Korea months before the historic summit, the first since the Korean War ended in 1953. An investigation found that $100 million...