U.S. prosecutors probe Hyundai, Kia vehicle recalls; shares slump [Reuters]
Toyota Motor Corporation (TM)
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Source: Reuters
U.S. prosecutors probe Hyundai, Kia vehicle recalls; shares slump | Reuters 5 Min Read SEOUL/WASHINGTON (Reuters) - Hyundai Motor ( 005380.KS ) and affiliate Kia Motors ( 000270.KS ) are being investigated by U.S. prosecutors over whether vehicle recalls were conducted properly, a source said and documents reviewed by Reuters showed, sending their shares sliding. The South Korean firms, together the world’s No.5 automaker, recalled nearly 1.7 million vehicles in 2015 and 2017 in the United States in one of their biggest recalls in the country, citing an engine failure that increases the risk of a crash. The U.S. Attorney’s Office for the Southern District of New York (SDNY), part of the U.S. Department of Justice (DoJ), has launched a criminal investigation, the person, who had knowledge of the matter, told Reuters. It remains to be seen whether the probe will lead to charges, the person added. If criminal charges are filed, it could lead to hefty fines for Hyundai and Kia. An inv
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