A former General Motors Co. manager was sentenced to two years in federal prison and ordered to pay $250,000 for a bribery scheme, according to an Aug. 13 press release.
Hyoung Nam So, of Irvine, California, was found guilty in November 2023 for conspiring to solicit and receive a $5 million bribe for securing a $100 million contract for South Korea-based auto parts supplier Wookyung MIT.
In 2015, So — who oversaw the supply of parts used to build interiors for GM vehicles in North America — promised the contract to the supplier in exchange for $5 million, which he demanded in cash, the release states. The former manager received an initial payment of $1 million and then $2.45 million at a later date to ensure Wookyung MIT had the lowest bid.
Homeland Security Investigations seized $3.19 million believed to be proceeds from the bribery scheme from a private vault in Los Altos, California, in 2017, returning the money to South Korean authorities, the release said.
“Corporate executives must play by the same rules as the rest of us,” said United States Attorney Martin Estrada in the release. “By demanding millions of dollars in bribes to award contracts, this defendant corrupted the system and thumbed his nose at fair and honest business practices. Now, this defendant will do federal prison time and see firsthand that no person is above the law.”
For related offenses, the owner of Wookyung MIT was prosecuted in South Korea.
An estimated $1 trillion in bribes is paid across global industries each year, and $2.6 trillion is lost to corruption, according to the Organisation for Economic Co-operation and Development and reported by PwC. About 24% of businesses report being victims of bribery and corruption.
