Yesterday, Hyoung Nam So, a former General Motors (GM) manager, was convicted of conspiracy to accept a bribe from a South Korean car parts supplier, Wookyung MIT. So, 48, had received $5 million in return for guaranteeing a contract worth over $100 million. The conviction is founded on evidence supported during a week-long trial and has put a spotlight on nationwide illicit transactions that have a potentially vast impact on corporate governance and global relationships.
The U.S. Attorney's Office, Central District of California announced that in 2015, So took $3.45 million in cash from Wookyung MIT in exchange for a contract subject to competitive bidding. Despite knowing that Wookyung MIT was not the lowest bidder, So manipulated a scheme to ensure that they won. It should be noted that Homeland Security Investigations (HSI) has since seized $3.19 million of the bribe money.
According to the U.S. Attorney's Office, So's sentencing hearing will be held on May 24, 2024. He faces a maximum federal prison term of five years.
