The Federation of Korean Industries, a chaebol pressure group, has urged prosecutors to go easy on Mr Chey.

ECONOMIST: The Korea discount: Minority report | The

The financial crisis that began in Asia in 1997 dealt a huge blow to the giant business group, or chaebol, to which Hyundai once belonged.

ECONOMIST: Hyundai Motor

However, thanks to a series of stock transactions last year, he personally holds 25.1% of the shares of Samsung Everland, which controls Samsung Life, the holding company of Samsung Group giving him effective control of the chaebol, according to analysts.

FORBES: The Korea discount

Some 70 companies, including 12 subsidiaries of the Daewoo group, South Korea's second-biggest chaebol, or conglomerate, that technically defaulted on 100 trillion won of debts last July, now qualify for workout programmes.

ECONOMIST: South Korean banks

Last month, under government pressure, troubled SeoulBank lent yet more money to Dong Ah group, South Korea's tenth-biggest conglomerate, or chaebol, at rates hardly justified by the firm's tenuous condition.

ECONOMIST: Reform in South Korea

The chaebol ran into financial difficulties in the mid-1990s and was broken up into three companies in 2001: Hyundai Group, Hyundai Heavy Industries and Hyundai Motor.

FORBES: Magazine Article