Hyundai Securities Co, whose executives tendered their resignations en masse on Thursday, also acknowledged 90 billion won in losses as of the third quarter last year and that it expects to remain in the red in 2001.
Hyundai Electronics Industries is also experiencing a liquidity crunch that it has not been able to shake since it took on a huge debt to buy the chip building arm of LG.
Despite the current crisises in the HyundaiGroup, Chung is one of the most respected figures in Korea for his pivotal role in Korea's economic miracle.
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