Hyundai Motor chief accepts court ruling

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Hyundai Motor chief accepts court ruling

The chairman of Hyundai Motor Group, Chung Mong-koo, has decided to accept a court ruling on Feb. 25 that he should pay 86.2 billion won ($76.8 million) in compensation to minority shareholders of the group because he unfairly supported some subsidiaries of the group, damaging the profits of the shareholders, the Seoul Central Court said yesterday.

The plaintiffs - the minority shareholders of Hyundai Motor Group and Solidarity for Economic Reform - also said they wouldn’t lodge an appeal against the verdict of the court.

Since the ruling from the court was posted to plaintiffs and the defendants on March 7, it has been more than two weeks during which the court had allowed the plaintiffs and the defendant to file an appeal.

The court, thus, upheld the verdict of the trial.

In 2008, the plaintiffs filed a compensation lawsuit against Chung, arguing that the chairman unfairly supported some subsidiaries of the group, such as Hyundai Glovis and Hyundai Mobis, and had obtained shares of Hyundai Glovis in an improper way when the subsidiary was founded in February 2001.

The plaintiffs said Chung damaged the group’s operations in a way that cost 1 trillion won in total.

On Feb. 25, the court ruled that Chung unfairly supported the subsidiaries, but it didn’t rule that Chung had received the shares of Hyundai Glovis in an illegal manner. So the court asked for compensation of 86.2 billion won, not 1 trillion won, from Chung.


By Kim Hee-jin [heejin@joongang.co.kr]


Related Korean Article[중앙일보]

정몽구 회장 항소 포기…826억 배상 판결 확정

정몽구 현대차 그룹 회장이 계열사 부당지원의 책임을 지고 826억원을 현대차에 배상해야 한다는 법원 판결이 22일 확정됐다. 소송을 낸 현대차 소액주주 14명과 경제개혁연대, 정 회장 등이 모두 항소하지 않았기 때문이다.

서울중앙지법 민사21부(부장 여훈구)는 지난달 25일 현대차 주주 등이 “글로비스를 부당지원하고 현대차 대신 정 회장 부자가 글로비스 지분을 취득해 회사에 손해를 끼쳤다”며 정 회장 등을 상대로 낸 1조900억원의 주주대표 소송에서 원고 일부 승소 판결을 했었다. 재판부는 당시 계열사 부당 지원에 대한 배상 책임은 인정했지만 정 회장 부자의 글로비스 출자지분 취득이 회사의 기회를 유용한 것은 아니라고 판단했다.

소액주주 등은 “현대차 그룹 계열사들이 글로비스에 부당하게 물량을 몰아줘 공정거래위원회로부터 507억원의 과징금을 부과받는 등 회사에 손해를 끼쳤다”며 정 회장 등을 상대로 2008년 소송을 냈다.

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