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Last Updated: Monday, 26 June 2006, 07:01 GMT 08:01 UK
Hyundai workers walk out over pay
Hyundai car dealership
Hyundai aims to become the world's fifth largest carmaker by 2010
Workers at Hyundai, South Korea's largest carmaker, have begun a four-day series of stoppages in a row over pay.

Hyundai said the walkout would lead to a production loss of 2,654 vehicles, worth 36bn won ($38m).

Confederation of Trade Unions members have downed tools at three plants as part of tough annual pay talks.

They are demanding a 9.1% basic pay rise and other incentives, but Hyundai says it cannot make any offer while its chairman is under arrest.

Chung Mong-koo was arrested at the end of April for his alleged role in a bribery and embezzlement scandal.

He is accused of creating slush funds to pay politicians and officials for business favours as well as transferring funds and shifting corporate control to his son, Chung Eui-Sun.

The stoppages, due to last a total of 12 hours, are not expected to have a significant impact on Hyundai's output or share price, analysts said.


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