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.