The chairman of Hyundai Motor yesterday had his three-year prison sentence for embezzlement and breach of trust suspended, leaving him free to run the world's sixth largest carmaker.

The Seoul High Court suspended the jail term for Chung Mong-koo for five years, citing his contribution to the national economy and the challenges that Hyundai faces in competitive global car markets. However, the court upheld his convictions on the charges of embezzlement and breach of trust.