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Anyone left behind could lord over the professional managers appointed to run Hyundai. On the contrary, Mong-hun dutifully announced his resignation from all but one of his positions in the chaebol, including the group chairmanship.
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Nearing retirement, his father Chung Ju-yung named Mong-hun Hyundai group co-chair in late Chung Ju-yung was willing to oblige, but only if all his sons quit the group. This was in response to mounting pressure from the media, the public, and the government for a top-level revamp of the debt-troubled company.
He had been accused of secretly transferring millions of dollars to the North Korean government. Mong-koo, announced that he was not going to resign as chairman of Hyundai Motors Co.
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Professional career[ edit ] Chung Mong-hun graduated with a degree in Korean literature from Yonsei University. His management style and loyalty impressed his father, and he was placed in charge of the corporation's highly successful electronics ventures.
He tried to oust Mong-hun in March, but his father made Mong-hun sole chairman instead. This angered the eldest son Chung Mong-koo.
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On May 31,in a surprise announcement, Kim Jae Soo, executive vice president and head of the group's restructuring unit, read a note that patriarch Chung Ju-yung had dictated that morning.
Scandal and suicide[ edit ] Chung was indicted in June for his role in the Cash-for-summit scandal on charges of doctoring company books to hide the secret money transfers of hundreds of millions of dollars by the Kim Dae Jung administration to North Korea to set up the historic North-South presidential summit in In essence, the note said that he and his sons Mong-koo and Mong-hun were resigning from all managerial positions within the Hyundai group.
Mong-hun quit all Hyundai companies except Hyundai Asan. Facing up to three years in prison and apparently shamed after he was forced to testify in court about the secret money transfer days earlier, he committed suicide on August 4, by leaping from his 12th floor office.
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In another public drama played out on national TV, he pressed Mong-koo to let his younger brother be sole group chairman while he headed the car companies. In MarchMong-koo made his boldest move: The patriarch, now 86, intervened.
Buddhist monks presided over the last rites conducted during his funeral. He joined Hyundai Heavy Industries inand became head of the group's shipping interests within six years. He was reported to have apologized for his suicide, and claimed "everything is my fault".
The only post he kept was the chair of Hyundai Asan, which his father wanted him to continue running.
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