Seoul: The chairman of Hyundai Motor Group appeared in court in blue prison stripes at the start of his trial to apologise for wrongdoings he blamed on his drive to create a global car maker.
"I only rushed forward to make a global car company and failed to look back, causing several legal problems," Chung Mong-koo, told the panel of judges in a court-room packed with reporters and Hyundai officials.
"I have deep regrets, and will correct the wrongs if given an opportunity this time," said the 68-year-old Chung.
He was arrested in late April after an investigation into allegations that Hyundai Motor and its affiliates had created slush funds to offer cash for political favours.
The probe, which officially started on March 25, has touched on how the country's sprawling family-run conglomerates, or chaebol, shift money within group companies, using complex share ownership networks to control their business.
He was indicted in May on charges of breach of trust and embezzling 103.4 billion won ($109.4 million) in company funds, some for personal use, and for incurring losses at group companies by forcing them to support weaker affiliates.
Chung did not enter a plea, as it is not a requirement in South Korea's judicial system.
Prosecutors said they were opposed to his request for bail.
He has been held in a detention centre near Seoul for more than a month.
The trial is expected to run for weeks while the shares in Hyundai fell 1.9 per cent against a 0.8 per cent drop in the broader market.
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