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Hyundai Asan is an arm of the
South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korean Peninsula and sharing a land border with North Korea. Its western border is formed by the Yellow Sea, while its eas ...
n conglomerate Hyundai Group and a major investor in
North Korea North Korea, officially the Democratic People's Republic of Korea (DPRK), is a country in East Asia. It constitutes the northern half of the Korean Peninsula and shares borders with China and Russia to the north, at the Yalu (Amnok) and T ...
. The company manages a number of projects, including the resort at the
Mount Kumgang Tourist Region The Mount Kumgang Tourist Region is a special administrative region of North Korea. It was established in 2002 to handle South Korean tourist traffic to Mount Kumgang (Diamond Mountain). It was one of the symbols of the South Korean Sunshine Pol ...
and road/rail building operations. It is also involved in the
Kaesong Industrial Park The Kaesŏng Industrial Region (KIR) or Kaesŏng Industrial Zone (KIZ) is a special administrative industrial region of North Korea (DPRK). It was formed in 2002 from part of the Kaesŏng Directly-Governed City. On 10 February 2016, it was temp ...
project.


Hyundai split

The family-controlled Hyundai Group, which used to be South Korea's largest Chaebol, was split into three sub-groups after the
Asian financial crisis The Asian financial crisis was a period of financial crisis that gripped much of East Asia and Southeast Asia beginning in July 1997 and raised fears of a worldwide economic meltdown due to financial contagion. However, the recovery in 1998– ...
. Chung Mong-hun was involved in a power struggle with his elder brother, Chung Mong-koo, who heads another part of the Hyundai Group, the automaker Hyundai Motor Company.


Accusations of corruption

Hyundai Asan has faced accusations of being a vehicle for illegally transferring US$100 million to
North Korea North Korea, officially the Democratic People's Republic of Korea (DPRK), is a country in East Asia. It constitutes the northern half of the Korean Peninsula and shares borders with China and Russia to the north, at the Yalu (Amnok) and T ...
from the government of former
South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korean Peninsula and sharing a land border with North Korea. Its western border is formed by the Yellow Sea, while its eas ...
n President
Kim Dae-jung Kim Dae-jung (; ; 6 January 192418 August 2009), was a South Korean politician and activist who served as the eighth president of South Korea from 1998 to 2003. He was a 2000 Nobel Peace Prize recipient for his work for democracy and human ...
. The money was supposedly used to persuade
North Korea North Korea, officially the Democratic People's Republic of Korea (DPRK), is a country in East Asia. It constitutes the northern half of the Korean Peninsula and shares borders with China and Russia to the north, at the Yalu (Amnok) and T ...
n leader Kim Jong-il to attend the inter-Korean summit in 2000. Hyundai Asan is building an
industrial park An industrial park (also known as industrial estate, trading estate) is an area zoned and planned for the purpose of industrial development. An industrial park can be thought of as a more "heavyweight" version of a business park or office park ...
, cross-border roads and railway lines in North Korea. The delay of the projects, due to political difficulties, put severe financial strains on the company. The head of Hyundai Asan,
Chung Mong-hun Chung Mong-hun (September 14, 1948 – August 4, 2003) was the 5th son of Chung Ju-yung, the founder of the South Korean Hyundai conglomerate. After the death of his father, he took over part of his father's role and became the chairman of Hy ...
, faced corruption and embezzlement charges. Chung was tried on charges of manipulating company accounting records to hide the secret transfers and embezzling more than twelve million dollars of company funds to pay bribes. On August 4, 2003 he committed suicide by leaping from his 12th floor office.


Recent developments

Kaesong Industrial Park The Kaesŏng Industrial Region (KIR) or Kaesŏng Industrial Zone (KIZ) is a special administrative industrial region of North Korea (DPRK). It was formed in 2002 from part of the Kaesŏng Directly-Governed City. On 10 February 2016, it was temp ...
is being developed in North Korea, with the planned participation of 250 South Korean companies, employing 100,000 North Koreans, by 2007. Three companies started operations in March 2005, in the park's pilot phase.


See also

*
Division of Korea The division of Korea began with the defeat of Japan in World War II. During the war, the Allied leaders considered the question of Korea's future after Japan's surrender in the war. The leaders reached an understanding that Korea would be l ...
*
Economy of North Korea The economy of North Korea is a centrally planned economy, following '' Juche'', where the role of market allocation schemes is limited, although increasing. , North Korea continues its basic adherence to a centralized command economy. With a ...
* Hyundai Group * Chaebol *
North-South presidential summit corruption allegations Cash-for-summit () is the name of a political scandal that broke in South Korea in February 2003 and revolved around the secret payment by the Kim Dae-jung administration to North Korea of 500,000,000 dollars to secure the landmark June 2000 No ...
*
Chung Ju-yung Chung Ju-yung or Jung Joo-young (; November 25, 1915 – March 21, 2001), was a South Korean entrepreneur, businessman and the founder of Hyundai Groups, one of the largest chaebols in South Korea. Raised as the eldest son of a poor Korean far ...


References


External links


Hyundai Asan Homepage
{{Hyundai
Asan Asan () is a city in South Chungcheong Province, South Korea. It borders the Seoul Capital Area to the north. Asan has a population of approximately 300,000. Asan is known for its many hot springs and is a city of spas. Asan has grown into th ...
Service companies of South Korea North Korea–South Korea relations Economy of North Korea