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Chung Mong-jun to Give up Wealth

Posted September. 09, 2002 22:58,   


Independent lawmaker Chung Mong-jun is reported to give up his rights as a major shareholder of Hyundai Heave Industry and resign from an advisor of the company around Sep 17, when he is expected to announce his bid for presidency.

Sources close to Chung said yesterday, "Taking into consideration the public resistance to the possession of both wealth and power, Chung is mulling over giving up his post as a corporate leader."

Chung is reported to consider transferring his wealth to `blind trust` in order for high-ranking government officials or lawmakers to stay fair in running state affairs.

Once people entrust their wealth to the trust, they cannot buy or sell their own stocks whenever they want and they are banned from exerting shareholders` right.

Chung`s aides are reported to check if they can legally adopt this American system.

Chung said in a press conference yesterday, "I am trying to work out ways to take care of his stocks. I will soon come up with appropriate ways to deal with the matter."

Regarding rumors that his mother is a famous classical musician, he said, "My father loved her, but it has nothing to do with me. I will talk about my mother when I announce my bid for presidency."

Asked if he was suspended for cheating when he was a university student, he said yes.

Meanwhile, some observers have predicted that Chung Mong-gu, chairman of Hyundai Motor would announce that his company would not support his brother`s presidential bid. But an official of Hyundai Motor said that the company did not have such a plan. But many people in the business industry think that the company will announce as predicted after younger Chung announces his presidential bid.

Rae-Jeong Park Sung-Won Park ecopark@donga.com swpark@donga.com