Abstracts » Business, international

Power moves

Article Abstract:

South Korean Pres Kim Young Sam allowed former rival Chung Ju Yung to retain his chairmanship of Hyundai Corp but ousted ParkTae Joon from his post at the Pohang Iron and Steel Co. The latter was found byauditors to have used $25-75 million of the state-owned company's money to finance his bid against Kim. Chung has similarly been accused of stealing from Hyundai. However, Chung publicly praised the new president and acknowledged hisown incapacity for the leadership. Some experts believe that these remarks havespelled the difference in the fate of the two businessmen.

Business, Political aspects, Appointments, resignations and dismissals, Kim Young Sam, Park Tae Joon

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Tycoon's promise

Article Abstract:

United People's Party standard-bearer Chung Ju Yung is trying to dispel notions that he is a mere spoiler in the Dec 1993 South Korean presidential race dominated by ruling party candidate Kim Young Sam and main opposition party candidate Kim Dae Jung. Chung is an astute businessman who founded and steered Hyundai into the country's second largest business conglomerate. To woo an estimated 30% of eligible voters who are undecided about whom to vote, Chung promises to bring his business acumen into South Korean government.

Elections

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