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Prosecutors seek prison term for disgraced Hyundai leader

From | January 18,2007

Prosecutors demanded a six-year prison term against Hyundai Motor Co. Chairman Chung Mong-koo for embezzlement and other charges Tuesday, adding to the woes of the largest South Korean automaker.

Chung, 68, has been on trial since June on charges of illegally raising a slush fund from affiliates from which authorities say he spent 69.3 billion won for private and other purposes, including payments to lobbyists for government favors.

Chung Mong-koo apologized and pledged to make Hyundai the world's No. 5 automaker if given the chance. Hyundai and affiliate Kia Motors combined currently rank sixth.

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