South Korea appeals court suspends sentence of convicted Hyundai chairman Gabriel Haboubi at 2:09 PM ET
[JURIST] A South Korean appeals court Thursday suspended the prison sentence of Chung Mong-koo [Forbes profile], chairman of Hyundai Motors Group [corporate website], for five years, saying imprisoning him for embezzlement and bribery would be too risky for the nation's economy. Chung was convicted [JURIST report] in February and sentenced to three years in prison for embezzling more than $100 million of company money, which was used for personal expenses and to finance lobbyists. With Thursday's decision of the Seoul High Court, Chung's sentence will be eliminated as long as he does not violate the law over the next five years.
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