Checkbook Apologies

Facing questions from Korean regulators over your company's business practices? Just open your heart—and your wallet. That seemed to be the message last Wednesday as the Hyundai-Kia Automotive Group, under investigation for allegedly creating a slush fund to influence government officials, apologized to the public for "causing the nation much anxiety" and pledged a whopping $1 billion in donations to unspecified charities. The same day, U.S. private-equity firm Lone Star Funds, facing an inquiry into its purchase of a local bank in 2003 and smarting from allegations that its former top Korea executive had embezzled millions, announced it would donate...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!