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Hyundai chief to face trial

SEOUL: Chung Mong-koo, chairman of South Korea's giant automaker Hyundai Motor Group, would face trial on charges of embezzlement and breach of trust relating to bribery allegations, South Korean prosecutors said on Tuesday.

The announcement was made after the Supreme Prosecutor' Office conducted a moth-long probe into the scandal of Hyundai.

Mr. Chung, who has been in custody since he was arrested on April 28, was charged with forcing several Hyundai affiliates to take part in paid-in capital increases for Hyundai Space and Aircraft Co., which bankrupted in late 2001, in August 1999 and April 2000.The increased capital was used to pay debts for the ailing company but incurred a total of 358.4 billion won in losses to the financially stable affiliates, prosecutors said.

Mr. Chung is also charged with misappropriating 120 billion won ($127 millions) in company funds. — Xinhua

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