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U.S. markets recover from steep losses
SEOUL, Feb. 5 (UPI) -- Hyundai's auto chairman was sentenced to three years in prison Monday for embezzling $96 million and causing a $224 million loss to auto affiliates.
Chung Mong-koo will appeal the court decision and is free on bail, The Korea Times reported.
Chung was arrested last April after prosecutors claimed he was involved in a series of financial irregularities since 2002, including giving his family $75 million in slush funds.
After spending two months in jail, Chung was released on $1 million bail in June.
Government prosecutors had sought a six-year sentence for Chung.
Hyundai Automotive Vice Chairman Kim Dong-jin, indicted with Chung, was sentenced to 2 1/2 years in prison and four years of probation over his involvement in creating the slush funds.
Hyundai is the world's sixth-largest carmaker. It controls 70 percent of South Korea's auto market through its affiliates, Hyundai Motor and Kia Motors.
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CANBERRA, Australia, May 23 (UPI) --
Australia has passed legislation establishing the $10 billion Clean Energy Finance Corp. to provide grants and government investment to green projects.
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MELBOURNE, Fla., May 23 (UPI) --
Northrop Grumman says its Military Airworthiness Certification is closer for its re-engined EC-8 Joint Surveillance Target Attack Radar System aircraft.
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The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
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What if Europe turned out to be the new Japan?
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