Word: hyundai
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Dates: during 2000-2009
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...encouragement to a colleague and, in a note to his employees, wrote: "A foolish man does a 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...
...seen as contributing to Korean reconciliation," says a South Korean lawmaker. "Instead he was criticized by the public." In the week before his death, prosecutors grilled Chung three times?in sessions lasting up to 12 hours?over another issue altogether: a $13 million slush fund paid for by the Hyundai group that prosecutors allege was set up by a top aide to former President Kim Dae Jung. After his 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...
...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...
...told, North American vehicle sales are expected to grow to 18.4 million a year by 2008, an increase of 1.6 million vehicles since 2002. The transplants alone are adding enough capacity for an additional 1 million vehicles. Hyundai is building a plant in Montgomery, Ala.--the first Korean auto-assembly factory in the U.S.--to make Sonata sedans and Santa Fe SUVs. Mercedes-Benz (owned by DaimlerChrysler, based in Stuttgart, Germany) is doubling capacity at its SUV facility in Tuscaloosa, Ala. And BMW recently expanded its plant in Spartanburg, S.C., where lines run overtime to produce Z4 roadsters...
Asian economies would follow, though Bowers says he would avoid Japan. Among his favorites: Hong Kong, South Korea and China--despite the outbreak of severe acute respiratory syndrome. Consider cyclical blue chips like China Telecom, Hyundai Motor, Samsung and Taiwan Semiconductor. These moves may not feel right with the economy slow and the dollar weak. For now, just think of them as accident insurance...