[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.

Chung had requested that he not serve any prison time, so that he could devote himself to benefiting the country's economy. In May he promised to donate over a billion dollars to charity [JURIST report], a promise the appeals court ordered him to fulfill. AP has more.