Hyundai Chair Could Be Indicted Today

With respect to the Hyundai-Kia Motor Group slush funds probe, chief prosecutors, including Prosecutor General Chung Sang-myung, reportedly agreed to indict Chairman Chung Mong-koo without physical detention on April 26.

Prosecutors are also seeking an arrest warrant for his only son, Chung Eui-sun, Kia Motors President.

The Supreme Prosecutors’ Office Central Investigative Office reported the final results of the investigation recommending no physical restraint of the Chungs to the prosecutor general on the same day.

The prosecutor general is reported to have taken investigation results and opinions in and out of the prosecutor’s office into consideration and picked Chung’s indictment without physical detention as the best way to minimize the impact on the national economy while effectively penalizing owners of large conglomerates engaged in illegal activities at the same time.

Prosecutors are expected to summon the Kia Motors President on April 27 and seek an arrest warrant on charges of raising illegal slush funds. Chung denied most of the charges in a meeting with prosecutors on April 20.

Sang-Soo Kim jefflee@donga.com