Prosecutors demand arrest of Hyundai Motor chief in graft probe
South Korean prosecutors have sought an arrest warrant for the head of the Hyundai Motor group following a month-long graft probe into the company, a senior prosecutor said.
"We requested an arrest warrant for chairman Chung (Mong-Koo) at 11:10 AM (02:10 GMT) on charges of raising some 100 billion won (106 million dollars) in slush funds and embezzling it," senior prosecutor Chae Dong-Wook told a media briefing.
Chung Mong-Koo's son, Chung Eui-Sun, also a target of the investigation, will not be arrested but prosecutors will continue to investigate him, Chae said.
Prosecutors said they will release the full results of their investigation at around 2:00 p.m. (0500 GMT).
The request for an arrest warrant was filed at a Seoul court which will deliberate on the matter on Friday, Chae said.
Shares in South Korea's top carmaker plunged three percent on news of the impending arrest of chairman Chung, 68, who was questioned by prosecutors for 15 hours on Monday.
The probe has focussed on allegations that Chung and his son, head of Hyundai Motor affiliate Kia Motors, used the mutli-million dollar slush fund to bribe officials and facilitate a father-to-son transfer of control of the country's top automaker.
AFP
