Word: chungli
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...itch of guilt just needs to be scratched. But make sure you get your fill of partisan bloggery and Apple movie trailers in the meantime. Trust me: they won’t be nearly as interesting when you’re viewing them in your free time. Ben B. Chung ’06, who was Crimson arts chair in 2005, is an anthropology concentrator in Mather House...
INDICTED. Chung Mong Koo, 68, Chairman of Hyundai Motor Company, one of South Korea's most powerful conglomerates; on charges of embezzlement and misappropriation of corporate funds; in Seoul. Prosecutors allege that Chung set up a slush fund of more than $100 million to buy political influence and illegally transferred money from strong Hyundai affiliates to support at least one weaker one. Authorities are also investigating whether Chung abused company funds to boost the holdings and management control of his son, Chung Eui Sun. The senior Chung last month denied any wrongdoing; Hyundai Motor has declined to comment...
...recent years boosted quality and won fans in key markets such as the U.S. and China. But the fast-growing South Korean automaker-the world's seventh-largest when combined with its affiliate Kia Motors-was blindsided last week from an unexpected quarter: its 68-year-old chairman, Chung Mong Koo, was arrested on charges of embezzling $100 million and breach of trust relating to $300 million in company losses...
...arrest of one of Korea's most prominent tycoons sent tremors through the boardrooms of the country's chaebol, the powerful, family-run conglomerates that have periodically been targeted by government prosecutors over allegations of self-dealing and influence peddling. Chung has admitted no wrongdoing, but his arrest looks likely to knock Hyundai's international expansion plans off course. The investigation into Hyundai has already delayed the construction of an auto plant in the Czech Republic, and Kia postponed the groundbreaking for a factory...
...convicted, Chung could face jail time, but Korean tycoons have a history of survival. After going to prison for seven months for fraud in 2003, Chey Tae Won, chairman of oil company SK Corp., returned to his post, fighting off shareholder efforts to remove him. Still, Hahm Sung Deuk, a political economist at Korea University, says the arrest of such a prominent executive will act as a powerful warning to other businessmen: "The owners of companies will realize that this time is different." That may be bad news for Chung, but not for Korea's reputation...