Chung Mong-koo, Chairman of Hyundai Motor Group, Hospitalized for Treatment... "Will Be Discharged When Condition Improves"

[Asia Economy Reporter Woo Su-yeon] It has been confirmed that Chung Mong-koo, Chairman of Hyundai Motor Group (photo), is hospitalized in a hospital in Seoul receiving treatment.

On the 17th, a Hyundai Motor Group official stated, "Chairman Chung is hospitalized and receiving treatment due to inflammation in the colon," adding, "The treatment is progressing smoothly, and he is expected to be discharged once his condition improves. The rumors about his critical condition are completely unfounded."

Hyundai Motor Group also added that they cannot disclose the timing of the hospitalization or the hospital. Earlier that afternoon, rumors circulated in the business community that Chairman Chung was in critical condition after news of his hospitalization spread.

Chung Mong-koo, Chairman of Hyundai Motor Group

Chairman Chung, who is 82 years old this year, has not appeared in public since 2016. In the business community, it is regarded that since September 2018, when Chung Eui-sun, Vice Chairman of Hyundai Motor Group, took the lead in management, Chairman Chung has effectively stepped down from the front line of management.

After Hyundai Motor Company's regular shareholders' meeting in March, Chairman Chung stepped down from his positions as chairman of the board and inside director, and Vice Chairman Chung Eui-sun took over as the next chairman of the board.

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