 |
Court stresses release will not impact its eventual decision
Seoul Central District Court said on June 28 that it would allow Chung Mong-koo to post bail following his 61 days spent in custody so far. He was arrested April 28 on charges of embezzling about 80 billion won (80 million USD) in company funds.
"We decided Chung would not flee from the investigation or destroy evidence, as he in principle acknowledges most of the charges against him," the court said. "We have nearly completed investigation of related persons in the group, and we also considered his poor health condition."
Chung, who has been hospitalized for medical treatment, paid the 1 billion won bail and was released the same day as the court’s decision. The bail amount was the largest ever in South Korean judicial history.
The court has limited Chung to house arrest, but said he would also be able to go to his office. He needs court permission do go anywhere else, but the setup should allow him to once again manage the conglomerate.
The court said, "We took concern that Chung’s detention could have a negative impact on the national economy by creating a management vacuum in his company, as well as opinions of lawyers that he needs time to reform the management at Hyundai."
Chief Justice Kim Dong-o spoke, "Our biggest concern was that this decision may be viewed as granting privilege to economically influential persons. The bail decision will have no bearing on the results of his trial."
