Posted on 02/07/2003 11:20:46 PM PST by TigerLikesRooster
Hyundai's Deeper Involvement Revealed
by Yun Jeong-ho (jhyoon@chosun.com)
Former Hyundai Group chairman Chung Mong-hun and Hyundai Securities chairman Lee Ik-chi were present at two secret meetings in March and April 2000, when government envoys from Seoul and Pyongyang discussed details of the inter-Korea summit, it was learned Friday. Sources from Hyundai Group and the government said the two top Hyundai executives attended meetings between Cheong Wa Dae Chief Secretary Park Ji-won, then Minister of Culture and Tourism, and Song Ho-kyung, vice chairman of North Korea's Asia Pacific Peace Committee, on March 17 and April 8, 2000.
The first meeting, a preliminary discussion for the summit, took place in Shanghai, and the second one, where the summit schedule and agenda were finalized, was held in Beijing.
A senior executive of Hyundai Group said that aside from the two secret meetings, envoys from the South and the North met in Beijing on March 22, and Chung was likely to have attended that meeting as well, suggesting that Hyundai's money transfer was not just a part of inter-Korean economic cooperation, but that the South paid off Pyongyang to make the summit possible.
Naeil Shinmun reported in its Friday issue that Park, Song, and Chung met on March 17, 2000, and Chung agreed to provide US$500 million in exchange for Hyundai's business rights in the North and signed a contract, quoting a veteran businessman who was a close confidant of the late Hyundai founder Chung Ju-yung.
Another Hyundai source said Chung ordered Lee Ik-chi to secure foreign currency funds after the historical summit was announced, and through Hyundai Construction, Hyundai Electronics and Hyundai Merchant Marine, at least US$500 million was transferred to Pyongyang.
However, the Hyundai Group refused to comment on the subject when the Chosun Ilbo requested confirmation of the information.
More corruption. The plot thickens.
Don't be too sure. I own a Saturn SL2 and SW2. When I went shopping for a car for my son, I was going for another Saturn. I ended up with a Hyundai Elantra GLS. 100,000 mile warranty. More horsepower. The heater works MUCH better than my Saturn cars...important when the current temperature is around 12 degrees right now. I still prefer the polymer body panels, comfy seats and ABS brakes in the SL2. Too bad Saturn discontinued the S line of cars.
Hope you don't need it, but you will, and they won't fix it. Personal experience with a company car.
Not a good idea. They could produce better arms than N. Koreans even if their CEOs are crooks.
When my old Saturn SL (base model) died (engine problems caused by a failed water pump) at 180,000, I went shopping, expecting to get another Saturn.
The Hyundai Elantra sure seemed nicer, and cost less. So far (just a few months) I have been tickled pink with the Hyundai. Everything works just right - strong smooth engine, controls, clutch, shifter, knobs, all have a wonderful feel. And I like my Hyundai seats much better than the Saturn.
Sure hope it holds up - I haven't had this much fun driving since I was single and owned a BMW. I only paid $9900 for it, to boot, brand new off the lot.
I suspect the "company car" aspect is the problem. Employees tend to abuse "company" cars. Company car pool admins often fail to do appropriate scheduled maintenance. My cars get an oil change every 3,000 miles. The 1994 SL2 has 101,000 miles. Most of that came from multiple non-stop trips between Pocatello, ID and San Diego, CA in 2001.
My only concern about owning a Hyundai right now is the possibility that Korea will go to hell and their won't be a factory left to support the car. Thus far, it is a great car.
As much as I like Saturns, I really need a 4WD truck here in Idaho. I could never justify a 4WD truck while I was commuting to work in San Diego. All it takes is 2 feet of snow to keep the Saturn and Hyundai cars restricted to the driveway. I'm living on borrowed time.
A factory in Alabama is good news. It might be the only remaining company asset if things go bad.
Hyundai Motor Company (HMC), along with dozens of state and local government officials, today broke ground on the company's first U.S. automotive manufacturing plant, to be built on 1,620 acres of land in Montgomery, Alabama. The $1 billion facility, set to begin production in 2005, will produce the next generation of the popular Sonata sedan and Santa Fe sport utility vehicle. At peak production, the facility will employ approximately 2,000 people and produce 300,000 vehicles per year. The site will include a manufacturing and assembly facility, as well as a stamping plant and an engine plant.
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