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. 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. Nepotism His only son Chung Eui-sun is his "heir apparent", despite his relatively unproven business and leadership skills. According to Bloomberg, "no one can assess how Eui Sun will perform when he becomes chairman because his father keeps him on a tight leash". 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. Awards and honors 2020: Automotive Hall of Fame 2009: James A. Van Fleet Award, The Korea Society 2008–present: Honorary Chairman of the Organizing Committee for the Expo 2012 in Yeosu 2001: Awarded Distinguished Service Citation by Detroit’s Automotive Hall of Fame 1997–present: Honorary Vice President of World Archery Federation 1986–1997: Chairman of Asia Archery Association 1985–1997: Chairman of Korea Archery Association Family See also Automotive industry in South Korea List of Koreans References External links 1938 births People from Seoul Living people South Korean businesspeople South Korean chairpersons of corporations South Korean billionaires Hyundai Motor Group Hyundai people Kyungbock High School alumni South Korean fraudsters People convicted of embezzlement Hanyang University alumni Recipients of South Korean presidential pardons