As things get tough, S Korea's bosses get rolling
By Anna Fifield in Seoul
Published: September 12 2007 03:00 | Last updated: September 12 2007 03:00
Wheelchairs seem to be the vehicle of choice for South Korean tycoons who find themselves in a spot of bother.
Lee Kun-hee, the chairman of Samsung, last year rolled back into Korea in a shiny silver number.
This was after suddenly travelling to the US just as prosecutors began an investigation into allegations that he had illegally passed his wealth on to his children.
Mr Lee was never questioned aboutthe case, which seems now to have gone away.
Chung Mong-koo, the boss of Hyundai Motor, was wheeled into court for his trial on charges of embezzling $100m of company money and breach of trust, also related to attempts to transfer the family business to his son.
He last week had his three-year jail sentence suspended, with the judgesaying the country needed him back in the office.
Kim Seung-youn, chairman of the Hanwha explosives conglomerate, yesterday went one better, showing up at court in not just a wheelchair but in hospital pyjamas as well.
Only a few months ago, Mr Kim waswell enough to participate in a Godfather-style attack involving a steelbar, his bodyguards and some karaokeroom workers who were mean to hisson.
However, yesterday his 18-month prison term for assault was also suspended.
The Korean courts appear to believe that it is in the national interest to have these industrial giants continue to run their publicly listed companies, regardless of what they might get up to behind the scenes.
Wouldn't the national interest be better served by business leaders that behaved themselves and a legal system that treated all citizens equally?
Copyright The Financial Times Limited 2007