Read below the latest on the arrest of “chaebol,” Hyundai’s chairman :

South Korea’s automobile industry began a campaign Thursday asking for leniency and the temporary release of the indicted chairman of Hyundai Motor Co., the country’s largest vehicle maker. Three industry groups Korea Automobile Manufacturers Association, Korea Auto Industries Coop. Association and Hyundai-Kia Suppliers’ Association are aiming to collect one million signatures and submit the petition to the country’s courts, they said in a statement.

“The Korean auto industry is facing a difficult situation due to the management vacuum at Hyundai-Kia Motors, while the growing uncertainty from the lengthy absence of the management is threatening the business of small and midsize auto part makers,’’ the statement said.

Sound like “without Mr Chairman of Hyundai”, the second largest automaker will be in trouble hence the need for such petition !

With such cases like Daewoo and now Hyundai, and other earlier accounting fraud cases, it seems to highlight concerns in South Korea about the lax of corporate transparency and good governance at the country’s ubiquitous family-run industrial conglomerates.