Hyundai Founder Plans Political Party
Reuters
SEOUL — Chung Ju Yung, founder of South Korea’s Hyundai industrial conglomerate, plans to launch a new political party this month, although he will not seek office, a spokesman said.
Chung, 76, retired Friday as head of South Korea’s largest car exporter and biggest shipbuilder.
He said he planned to run candidates in elections this year for mayors in the nation’s six main cities and the National Assembly.
Chung also said he would support a candidate in the presidential election scheduled for late this year or early next year.
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