A SOUTH Korean court yesterday ruled for a second time that Hyundai Motor Chairman Chung Mong-koo does not have to go to prison, leaving the auto tycoon free to keep running his aggressively expanding company.
The Seoul High Court upheld a sentence last year in which it suspended the three-year prison term handed to Chung by a lower court.
That means the 70-year old executive can avoid time in jail as long as he breaks no laws for five years. Last year, he was convicted of embezzlement and breach of trust.
Presiding judge Kil Ki-bong said Chung used most of the embezzled funds for his company and "did not seek personal profits" as a reason for suspending the prison term. The judge said Chung's promise to donate personal assets to society was also a mitigating point.
Chung has promised to donate 1 trillion won (US$983 million) worth of assets to charity in an apparent bid to seek leniency from the court.
The Seoul High Court was forced to issue a new sentence because prosecutors appealed against one aspect of its earlier decision that Chung deliver lectures and write newspaper articles on lawful business management for the community-service portion of his sentence.
The court yesterday ordered Chung to do 300 hours of community service in the form of environmental protection and other activities instead of lecturing and writing.
Attention was focused on the outcome of the resentencing as it was possible for the court to change Chung's sentence and jail him. But chances of that were considered low because prosecutors disputed only the community-service aspect, not Chung's suspended term.
"I will abide by" the ruling, a smiling Chung told reporters as he left the court.
"We are greatly relieved that this case is finally over," Hyundai said in a statement.