OTHER NEWS - July 12, 1994

Hyundai Founder’s Conviction Upheld: An appeals court in Seoul upheld a lower court and sentenced Chung Ju Young to three years in prison for election fraud. But the court immediately suspended the sentence, citing Chung’s age and past contributions to South Korea’s industrial development. Chung, 79, was convicted of illegally funneling more than $53 million in company funds into his 1992 presidential bid. The Hyundai business group is the world’s largest maker of ships and a leading South Korean maker of autos and electronic goods. Chung, who ran a distant third in the 1992 elections, has retired from politics and from the day-to-day running of Hyundai.