Chung Mong-koo
| Chung Mong-Koo | |
|---|---|
 |
|
| Born |
19 March 1938 Tongchon County, Gangwon Province, South Korea |
| Education | Hanyang University |
| Alma mater | Hanyang University (B.S.) |
| Occupation | Chairman of Hyundai Motor Group |
| Net worth | $6.8 billion (2014) |
| Spouse(s) | Lee Jung-Hwa (Deceased) |
| Children | 4 |
| Awards | Van Fleet Award (2009) |
| Chung Mong-koo | |
| Hangul | 정몽구 |
|---|---|
| Hanja | 鄭夢九 |
| Revised Romanization | Jeong Monggu |
| McCune–Reischauer | Chŏng Mongku |
Chung Mong-koo (born March 19, 1938, in Gangwon Province) is the chairman of Hyundai Motor Group, a prominent car manufacturer in South Korea. The Hyundai Motor Group consists of 42 subsidiaries and is the second largest Chaebol in South Korea. Chung succeeded his father, Chung Ju-yung, the founder of the conglomerate known as the Hyundai Group. When the conglomerate split into several parts in 1999, Chung Mong-koo took over the Hyundai Motor division. He is the eldest surviving son of Chung Ju-yung's eight sons.
He was convicted of embezzlement and breach of fiduciary duty in February 2007, but was given a suspended sentence and was fully pardoned by President Lee Myung-bak.
As of March 2014, his net worth was $6.8 billion according to Forbes.
He also owns Innocean, a marketing agency, with his eldest daughter Chung Sung-yi.
Chung is described as a "vigorous septuagenarian" who comes to work at 6:30 a.m. and "personally heads monthly quality reviews with senior executives".
Although he only holds 5.2% of Hyundai Motor’s stock, Chung "wields disproportionately strong control" and is able to control its board thanks to a complex corporate governance arrangements in which Hyundai Motor owns 34% of Kia, which owns 16.9% of Mobis, which in turn owns 20.8% of Hyundai Motor. This means that "because the companies essentially control each other, no outside shareholder is strong enough to name board members".
In 2006, he and his family were targeted by the Seoul Supreme Prosecutor's Office as part of an investigation into embezzling 100 billion won ($106 million) from Hyundai to create slush funds to bribe officials. Despite a travel ban, Chung left South Korea in April 2006. Chung was arrested on 28 April 2006 on charges related to embezzlement and other corruption.
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