The Next Hyundai North Korea Scandal

Have a look at this cryptic little graf:

Following a meeting of its directors yesterday, Hyundai Asan Corp., a Hyundai Group subsidiary that handles business projects in North Korea, announced that Kim Yoon-kyu had been removed from his post as its chief executive amid allegations that he had engaged in unspecified questionable activities.

“As a business manager, Mr. Kim behaved in a way that he shouldn’t have,” said a Hyundai Group official. “In doing so, he has put into question the integrity and morality of Hyundai’s contact with North Korea, and he must be held accountable.”

Just how unethical does your conduct in North Korea have to be before Hyundai Asan disapproves, much less fires a senior executive? This is not good timing for a leak of more questionable dealings between South Korean corporations and North Korea. This could be embarassing to Roh’s government and harmful to its position in the talks. I’m not suggesting that they’ll necessarily trying to cover this up–the facts are starting to come out, after all–but they certainly have a strong motive.