Chung Mong-hun, Chariman of Hyundai-Asan Executive Board Came Home on 11th

Chung Monghun, chairman of Hyundai-Asan executive board, came home to Korea on the 11th.

He went to the United States under the name of foreign businessmen attraction to Mt Keumgang tourism business last September when he was suspected to give North Korea 400 billion Won which was loaned to Hyundai Merchant Marine.

One high ranking official from Hyundai Group said, “President Chung will visit North Korea to settle down the problems of Kaesong industrial complex construction and Mt. Keumgang tour through land which are at a standstill due to North Korea nuclear crisis.”

“Mr. Chung concluded that president of Hyundai-Asan, Kim Un-gyu alone cannot solve the problems so he decided to solve the problems by himself. Now he is arranging schedules with the North Korea and is planned to visit North Korea as soon as possible,” he added.

Mr. Chung reached to agreement with National Defense Commission Chairman Kim Jong-il of North Korea on the construction of Kaesong industrial complex on August in 2000.

On the other hand, people are watching him with keen interest wondering how he would explain for the rumor of 400 billion won support for North Korea.

Mr. Chung met the press in L.A. last October and said, “The rumor is not true. If necessary, I can testify in the National Assembly.” However, he does not give full explanation for the money. It is observed in the business community that he could also return to the board if he succeeds to solve the problems with North Korea. Mr. Chung prepared for his return by appointing his surroundings to the front of the management. For example, he appointed vice-president of Hyundai Express, Kang Meong-ku to the representative director of Hyundai Elevator. However, his return will not be easy because the prosecutory authorities are investigating this case and the PTC also request for the detail materials about the case to the Financial Supervisory Commission.

Kang-Woon Lee Dong-Won Kim kwoon90@donga.com daviskim@donga.com