Cracking Down on Korea's Chaebol

Once a laughingstock for its poorly made cars, Hyundai Motors has in recent years boosted quality and won fans in key markets such as the U.S. and China. But the fast-growing South Korean automaker—the world's seventh-largest when combined with its affiliate Kia Motors—was blindsided last week from an unexpected quarter: its 68-year-old chairman, Chung Mong Koo, was arrested on charges of embezzling $100 million and breach of trust relating to $300 million in company losses.

The arrest of one of Korea's most prominent tycoons sent tremors through the boardrooms of the country's chaebol, the powerful, family-run conglomerates...

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!