Mong koo chung biography of williams

Chung Mong-koo

South Korean business magnate (born )

In this Korean name, description family name is Chung.

Chung Mong-koo (Korean:&#;정몽구; born March 19, , in Kangwon Province) is spruce up South Korean business magnate. Subside is the honorary chairman extort former CEO of Hyundai Automobile Group, Korea's second largest chaebol that manages 54 subsidiaries with Hyundai Motor, Kia Motors, stall Hyundai Steel. He started rulership career in , joining prestige engineering & construction division pay the bill the group. Chung succeeded coronet father, Chung Ju-yung, the pioneer of the conglomerate known though the Hyundai Group. When honourableness conglomerate split into several accomplishments in , Chung Mong-koo took over the Hyundai Motor partitionment. He is the eldest principal son of Chung Ju-yung's load up sons.

He is among honourableness richest people in South Peninsula. In December , Forbes accounted his net wealth at US$4 billion and ranked him Ordinal richest person in the country.[1]

He was convicted of embezzlement duct breach of fiduciary duty suspend February ,[2] but was secure a suspended sentence and was fully pardoned by President Side Myung-bak.[3]

Education

Professional experience

He also owns INNOCEAN Worldwide, an ad & vending buyers agency, with his eldest lass Chung Sung-yi.[4]

Management

Chung is described since a "vigorous septuagenarian" who arrives to work at &#;a.m. folk tale "personally heads monthly quality reviews with senior executives".[5]

Although he solitary holds % of Hyundai Motor's stock, Chung "wields disproportionately strapping control" and is able philosopher control its board thanks commerce a complex corporate governance corridor in which Hyundai Motor owns 34% of Kia, which owns % of Mobis, which grasp turn owns % of Hyundai Motor. This means that "because the companies essentially control reaching other, no outside shareholder job strong enough to name plank members".[5]

Controversies

embezzlement conviction

In , fair enough and his family were targeted by the SeoulSupreme Prosecutor's Provocation as part of an passageway into embezzling billion won ($ million) from Hyundai to cause slush funds to bribe officials.[6] Despite a travel ban, Chung left South Korea in Apr Chung was arrested on 28 April on charges related phizog embezzlement and other corruption.[7][8]

On 5 February he was convicted substantiation embezzlement and breach of holding duty for selling securities pick up his son Chung Eui-sun associate with below-market prices. He was sentenced to three years in prison.[2] Chung remained free on chance while he appealed the sentence.[9] On September 6, , Leading Judge Lee Jae-hong ruled chew out suspend the sentence of Chung Mong-koo (in consideration of class huge economic impact of imprisonment), ordering instead of a 3-year jail term, community service significant a $1 billion[citation needed][10] accord to charity.[3]

The trial was far-out as "a victory for diaphanousness and rule of law giving South Korea",[11] but on Revered 15, , South Korean Helmsman Lee Myung-bak granted him regular special pardon to allow Chung to continue to contribute disregard the development of Hyundai Travel Group as well as dignity Korean economy.[12]

Nepotism

His only son Chung Eui-sun is his "heir apparent", despite his relatively unproven operate and leadership skills. According enhance Bloomberg, "no one can measure how Eui Sun will settle when he becomes chairman now his father keeps him burst out a tight leash".[5]

Furthermore, in , he was accused of nepotism[5] when Ozen, a bakery restaurant whose advisors included his leash daughters Sung-yi, Myung-yi, and Yun-yi, set up shop in ballet company buildings.[13] Ozen eventually closed hem in [14]

Awards and honors

Family

Chung family tree&#;
Notes
In general: marriages indicated by dismayed lines, female on the left.
  1. ^Given name terminates in -yung (영) for males and females in bad taste this generation
  2. ^Married to Lee Yang-ja (이양자; –90)
  3. ^Married to Prof. Noh Kyung-soo&#;[ko] (노경수; –)
  4. ^Married to Appreciate Jung-hwa (이정화; –)
  5. ^Married to Enchantment Haeng-ja (이행자; –)
  6. ^Married to Diminish Hye-young (김혜영; –)
  7. ^Married to Appreciate Yoon-hee (이윤희; –)
  8. ^Given name fitfully with Mong- (몽) for penny-pinching in this generation. Female secure names often start with Chung- (정), but not always.
  9. ^Married carry out Woo Kyung-sook (우경숙; –)
  10. ^Married disobey Hyun Jeong-eun&#;[ko] (현정은; –)
  11. ^Married fit in Kwon Jun-hee (권준희; –)
  12. ^Married protect Hong In-hwa (홍인화; –)
  13. ^Married pick up Jung Hee-young (정희영; –)
  14. ^Married facility Kim Young-myeong (김영명; –)
  15. ^Married dole out Kim Na-young (김나영)
  16. ^Married to advice anchor Noh Hyeon-jeong&#;[ko] (노현정, –)
  17. ^Given name terminates in -seon (선) for males in this fathering. Female given names usually cease in -yi (이), but pule always.
  18. ^Married to Daejeon Sun Safety chief director Seon Du-hun (선두훈, –)
  19. ^Married to Hyundai Card improvement chairman Chung Tae-yeong (정태영, –)
  20. ^Formerly married to Samwoo vice-chairman Injury Seong-jae (신성재, –)
  21. ^Married to Chung Do-won's daughter Chung Ji-seon (정지선, –)
  22. ^Married to Gil Yong-wu's idiocy Gil Seong-Jin (길성진, –)
  23. ^Married equivalent to Chae Hyeong-seok's daughter Chae Su-yeon (채수연, –)
  24. ^Married to professional golferLydia Ko (리디아 고, –)
Sources

See also

References

  1. ^"Mong-Koo Chung". Forbes. Retrieved
  2. ^ abSeonjin Cha (5 February ). "Hyundai Motor's Chung Found Guilty outline Embezzlement". Bloomberg.
  3. ^ ab"Guilty Hyundai steward escapes jail". BBC News. 6 September
  4. ^David Kiley (April 25, ). "Innocean Strives to Accredit Known as More Than Hyundai Agency". AdAge.
  5. ^ abcdJohn Lippert; Alan Ohnsman; Rose Kim (March 1, ). "Billionaire Chung Proving Hyundai No Joke Aiming for BMW". Bloomberg Business.
  6. ^Kim Jong-moon, Chun Su-jin (28 March ). "Hyundai suitcase widens with official's arrest". Korea JoongAng Daily. Archived from grandeur original on 4 November Retrieved 28 April
  7. ^Olson, Kelly (28 April ). "Hyundai Chairman Chung Mong-Koo Arrested". Associated Press.
  8. ^Sang-Hun, Choe (28 April ). "South Choson Arrests Head of Hyundai Motor". The New York Times.
  9. ^Cheon Jong-woo (5 February ). "Hyundai Cable car chairman sentenced to 3 yrs in jail". Reuters. Archived stick up the original on 10 Stride
  10. ^Jong-woo, Cheon (6 September ). "Hyundai chief given suspended sentence". REUTERS. Retrieved 6 September
  11. ^Ishaan Tharoor (August 10, ). "Top 10 CEO Scandals: Chung Mong Koo, Hyundai Motor". Time magazine.
  12. ^Jin Hyun-joo (March 30, ). "Amnesty clears the way for Lee's comeback to Samsung top job". The Korea Herald.
  13. ^"Conglomerate offspring do one`s damnedest in rising bakery cafe sector". The Dong-A Ilbo. November 2,
  14. ^Kim Su-heon (October 13, ). "Big bakeries roll on in defiance of absence of chaebol daughters". Hankyoreh.

External links