SEOUL, Sept. 6 (UPI) -- The chairman of Hyundai Motor Co. drew a suspended three-year jail term Thursday from an appeals court in Seoul for embezzlement of company funds.
The court decided not to send Hyundai Motor Chairman Chung Mong-koo to jail after his conviction by the Seoul High Court, which upheld the sentence of to three years in jail but suspended that so he could pursue business activities for the world’s sixth largest auto maker, Yonhap reported.
Chung was ordered to perform community service, including giving lectures to businessmen and writing newspaper articles on transparent company management.
He also was ordered to carry out his pledge to donate nearly $900 million to social charities and was warned he will have to serve a jail term if he doesn't keep his word. Chung was told to set up detailed donation plans and finish the execution of the plans by 2013.
The 69-year old tycoon originally was sentenced to three years in jail by the lower court in February for embezzling about $96 million in company funds.
The ruling came amid headed debate on the tradition of courts showing leniency to leading businessmen accused of bribery and other irregularities, citing contributions to the country's economy.