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Hyundai's boss gets three years Hyundai's boss gets three years
(10 minutes later)
A South Korean court has sentenced the head of Hyundai Motor Company, Chung Mong-koo, to three years in jail for embezzlement and breach of trust.A South Korean court has sentenced the head of Hyundai Motor Company, Chung Mong-koo, to three years in jail for embezzlement and breach of trust.
Chung, 68, was accused of raising 103.4bn won ($110m;£56m) illegally for personal use and for paying lobbyists.Chung, 68, was accused of raising 103.4bn won ($110m;£56m) illegally for personal use and for paying lobbyists.
Earlier this year, South Korean prosecutors recommended that he spend six years in prison for embezzlement. A spokesman for the company said it was disappointed in the verdict, adding that an appeal would be filed.
Before the verdict, analysts said his conviction could harm South Korea's car sector, and the wider economy. Before the verdict, analysts said the conviction could harm South Korea's car sector and the wider economy.
His imprisonment could "have a grave impact on the industry as well as the national economy", said Yong-Dae-in, an analyst with Goodmorning Shinhan Securities. Chung's imprisonment could "have a grave impact on the industry as well as the national economy", said Yong-Dae-in, an analyst with Goodmorning Shinhan Securities.
Hyundai - the country's largest car firm, and its affiliate Kia Motors, which is headed by Eui-sun, Mr Chung's son - represent some 70% of South Korea's vehicle exports, making it a vital part of the economy.Hyundai - the country's largest car firm, and its affiliate Kia Motors, which is headed by Eui-sun, Mr Chung's son - represent some 70% of South Korea's vehicle exports, making it a vital part of the economy.
Lawyers for Mr Chung had argued that the chairman should be granted a suspended sentence because of the damage a jail term might mean to South Korea's economy. Earlier this year, South Korean prosecutors recommended that he spend six years in prison for embezzlement.
But lawyers for Mr Chung had argued that the chairman should be granted a suspended sentence because of the damage a jail term might mean to South Korea's economy.
They also cited health reasons.They also cited health reasons.
Chung previously asked for leniency and promised to improve the firm's corporate governance.Chung previously asked for leniency and promised to improve the firm's corporate governance.
It was not immediately clear if Chung planned to appeal against the verdict.