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. Last Updated: 07/27/2016

Hyundai Boss Arrested

SEOUL, South Korea -- Prosecutors on Thursday arrested a Hyundai group executive who is suspected of heading a massive stock price manipulation scheme.

They said Lee Ik-chi, head of Hyundai Securities Co., admitted to being involved in the alleged scheme during three days of questioning. One Hyundai official was arrested and nine others, including Lee, were barred from leaving the country last week pending an investigation.

Prosecutors said Lee allegedly diverted 220 billion won ($83 million) in company funds to manipulate the stock price of Hyundai Electronics Co. last year.