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SEOUL, South Korea (AP) - The chairman of Hyundai Motor Co. was arrested and jailed Friday in an embezzlement and slush fund scandal engulfing South Korea's largest automaker.
Chairman Chung Mong-koo's arrest came as Hyundai and its affiliate Kia Motors Corp. are aggressively expanding operations to achieve their goal of becoming the world's sixth-largest automaker by 2010. Hyundai said it had put a top executive in charge and all operations were proceeding normally.
Chung, 68, was accused of embezzling about $106 million in company money to create the slush fund, and of breach of trust for allegedly incurring about $320 million in damages to the company, prosecutors said.
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