Hyundai Board Passed Land Bid Without Price, Group Says

by Rose Kim for Bloomberg BusinessWeek

The boards of directors at Hyundai Motor Co. (005380) and two affiliates approved the offer for a piece of land in Seoul without knowing the price, according to a shareholder rights group.

South Korea’s largest automaker did not provide the price to board members before they voted on Sept. 17 to approve the bid, according to corporate watchdog Solidarity for Economic Reform, citing minutes of the board meetings obtained from the companies. Hyundai Motor Group, the umbrella group that represents the three companies, declined to comment whether it provided the minutes to the shareholder group and didn’t confirm their contents. Read more here.


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