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Chairman of Hyundai motor Freed on Bail
Hyundai Automotive Group chairman Chung Mong-koo, who was behind bars for embezzlement and other charges, was released from prison on bail Wednesday.
The court said it had decided to allow the 68-year-old Chung bail of 1 billion won.
He was released from prison on the 61st day of his imprisonment. On April 28, he was arrested on charges of embezzling about 110 billion won in company funds and causing some 210 billion won in damage to the carmaker through breach of trust.
Chung's lawyers applied for bail last month, citing Chung's bad health and the group's difficulty in running the company without the chairman.
# The Korea Times [June 29, 2006]
By Kim Rahn
Staff Reporter
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