- Hyundai Asan
Infobox Korean name
logo=Hyundai Asan logo.gif
logowidth=120px
hangul=현대아산 (주)
hanja=現代峨山 (株)
mr=Hyŏndae Asan
rr=Hyeondae AsanHyundai Asan is an arm of the
Hyundai Group and a major investor inNorth Korea . The company manages a number of projects, including theKumgang-san tourist resort and road/rail building operations. It is also involved in theKaesong Industrial Park project.Hyundai split
The family-controlled
Hyundai Group , which used to be South Korea's largestChaebol , was split into three sub-groups after theAsian financial crisis . Chung Mong-hun was involved in a power struggle with his elder brother, Chung Mong-koo, who heads another part of theHyundai Group , the automakerHyundai Motor Company .Accusations of corruption
Hyundai Asan has faced accusations of being a vehicle for illegally transferring US$ 100 million to
North Korea from the government of formerSouth Korea n PresidentKim Dae-jung . The money was supposedly used to persuadeNorth Korea n leaderKim Jong-il to attend the inter-Korean summit in 2000. Hyundai Asan is building anindustrial park , cross-border roads and railway lines in North Korea. The delay of the projects, due to political difficulties, put severe financial strains on the company. The head of Hyundai Asan,Chung Mong-hun , faced corruption and embezzlement charges. Chung was tried on charges of manipulating company accounting records to hide the secret transfers and embezzling more than twelve million dollars of company funds to pay bribes.Recent developments
Kaesong Industrial Park is being developed in North Korea, with the planned participation of 250 South Korean companies, employing 100,000 North Koreans, by 2007. Three companies started operations inMarch 2005 , in the park’s pilot phase.ee also
*
Division of Korea
*Economy of North Korea
*Hyundai Group
*Chaebol
*North-South presidential summit corruption allegations
*Kumgang-san Tourist Region
*Chung Ju-yung External links
* [http://www.hyundai-asan.com Hyundai Asan Homepage] Ko icon
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