Chung Mong-Koo

About Chung Mong-Koo

Who is it?: Chairman, Hyundai Motor
Birth Day: March 19, 1938
Birth Place: Seoul, South Korea, South Korea
Birth Sign: Aries
Education: Hanyang University
Alma mater: Hanyang University (B.S.)
Occupation: Chairman of Hyundai Motor Group
Spouse(s): Lee Jung-Hwa (Deceased)
Children: 4
Awards: Van Fleet Award (2009)
Hangul: 정몽구
Hanja: 鄭夢九
Revised Romanization: Jeong Monggu
McCune–Reischauer: Chŏng Mongku

Chung Mong-Koo Net Worth

Chung Mong-Koo was bornon March 19, 1938 in Seoul, South Korea, South Korea, is Chairman, Hyundai Motor. Chung Mong-Koo is the second son of the late Chung Ju-Yung, the eldest son of a peasant farming family who, after the Korean War, repaired trucks for the U.S. Army and went on to assemble a conglomerate that, as much as any, set Korea on the path to becoming an export powerhouse and one of Asia's largest economies. Most of his eight sons, at his discretion, wound up presiding over various fiefdoms within Hyundai. Chung Mong-Koo took the reins of Hyundai Motor, while his younger brother Chung Mong-Joon, also a billionaire, wound up running Korea's leading shipbuilder, Hyundai Heavy Industries. Chung Mong-Koo's billionaire son and presumed successor, Chung Eui-Sun, is vice chairman of Hyundai Motor. The hard-charging chairman -- who is known for his obsession with quality and has driven a rapid expansion of production into new markets such as China, Mexico and Brazil -- shows no sign of retiring. He owns about 4% of Hyundai Motor, which in recent years has lost market share both at home and abroad due to stiff competition. Most of his fortune is derived from stakes in publicly traded affiliates Hyundai Steel, auto parts maker Hyundai Mobis and logistics company Hyundai Glovis
Chung Mong-Koo is a member of Automotive

💰 Net worth: $4.5 Billion (Updated at 22 June 2018)

2009 $1.5 Billion
2010 $3.6 Billion
2011 $6 Billion
2012 $6.2 Billion
2013 $6.3 Billion
2014 $6.8 Billion
2015 $5.7 Billion
2016 $4.3 Billion
2017 $4.9 Billion
2018 $4.75 Billion

Some Chung Mong-Koo images

Biography/Timeline

2006

In 2006, he and his family were targeted by the Seoul Supreme Prosecutor's Office as part of an investigation into embezzling 100 billion won ($106 million) from Hyundai to create slush funds to bribe officials. Despite a travel ban, Chung left South Korea in April 2006. Chung was arrested on 28 April 2006 on charges related to embezzlement and other corruption.

2007

On 5 February 2007 he was convicted of embezzlement and breach of fiduciary duty for selling securities to his son Chung Eui-sun at below-market prices. He was sentenced to three years in prison. Chung remained free on bail while he appealed the sentence. On September 6, 2007, Chief Judge Lee Jae-hong ruled to suspend the sentence of Chung Mong-koo (in consideration of the huge economic impact of imprisonment), ordering instead of a 3-year jail term, community Service and a $1 billion donation to charity.

2008

The trial was seen as "a victory for transparency and rule of law in South Korea", but on August 15, 2008, South Korean President Lee Myung-bak granted him a special pardon to allow Chung to continue to contribute to the development of Hyundai Motor Group as well as the Korean economy.

2011

Furthermore, in 2011, he was accused of nepotism when Ozen, a bakery cafe whose advisors included his three daughters Sung-yi, Myung-yi, and Yun-yi, set up shop in company buildings. Ozen eventually closed in 2012.

2014

As of March 2014, his net worth was $6.8 billion according to Forbes.

2019

Although he only holds 5.2% of Hyundai Motor’s stock, Chung "wields disproportionately strong control" and is able to control its board thanks to a complex corporate governance arrangements in which Hyundai Motor owns 34% of Kia, which owns 16.9% of Mobis, which in turn owns 20.8% of Hyundai Motor. This means that "because the companies essentially control each other, no outside shareholder is strong enough to name board members".