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13-Mar-08 11:10 [Asia Pacific]
Korean pension fund targets executive criminals South Korea's National Pension Service (NPS) is flexing its muscles against corporate executives who breach trust and commit fraud.
This week, the NPS has announced that it will use its 4.56 per cent stake in Hyundai Motor Corporation, one of the country's biggest and best-known brands, to oust chief executive and chairman Chung Mong-koo.
Mr Chung was convicted last year of embezzling around £50 million ($100 million) in company funds, and sentenced to three years' imprisonment.
However, on appeal the sentence was suspended, with the court citing the importance to the economy of Mr Chung – the son of company founder Chung Ju-yung – remaining in post.
Mr Chung was nonetheless obliged to give $1 billion to charity and do community service as a condition of the suspension.
The state-run pension fund has also indicated its plans to attempt to dismiss the chairman of Doosan Heavy Industries and Construction Park Yong-sung from the board of Doosan Infracore, using its 2.92 per cent stake in the business.
Mr Park was also convicted for embezzlement in 2006, and later had his sentence suspended.
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