December 16, 2010
Contact: Kimmie Lipscomb, [email protected]
Phone: (212) 554-3296
UANI Calls on Hyundai to End Its Business in Iran
New York, NY - United Against Nuclear Iran (UANI) today called on Hyundai Motor Company (Hyundai) to follow the lead of responsible global corporations and end its business in Iran. Hyundai continues to conduct business in Iran through the export and manufacture of passenger and commercial vehicles. Hyundai also holds significant ownership shares in several companies that have had reported business dealings in Iran. Hyundai Rotem, of which Hyundai owns a majority share, is of particular concern given its manufacture of railcars and defense-related products. The recent news regarding Iran's cooperation with the Democratic People's Republic of Korea (DPRK) on nuclear weapons technology should be of great concern to one of the most recognized companies of South Korea.
In a letter to Mr. Chung Mong-Koo, Chairman and CEO of Hyundai Motor Company, UANI President, Ambassador Mark D. Wallace wrote:
UANI strongly encourages Hyundai to follow the lead of other responsible companies like Kia Motor Co. and Toyota and cease not only all exports to Iran, but also company investments in Iran, particularly those that facilitate the ability of the regime in Tehran to pursue policies that threaten global security.
While UANI acknowledges recent reports in the press about Hyundai curtailing some of its exports to Iran, we are still greatly concerned about many of Hyundai's investments and business operations working directly in Iran. Hyundai continues to hold significant ownership shares in Hyundai HYSCO, Hyundai Mobis, Hyundai Oil Bank, and Hyundai Rotem - companies that all have had reported business dealings in Iran. Hyundai Rotem, of which Hyundai owns a majority share, is of particular concern given its manufacture of railcars and defense-related products. More broadly, Hyundai sells vehicles through its exclusive distributor Assan Motors and has partnered with local Iranian producers such as the Kerman Motor Company, the Rayen Vehicle Manufacturing Co., and the Iran Khodro Diesel Co. to produce different types of Hyundai vehicles and key components in Iran.
UANI feels very strongly that Hyundai's investments and business holdings in Iran could cause lasting damage to the company's corporate image and reputation, both here and abroad.
UANI calls upon Hyundai to cease all of its business dealings in Iran. In taking such action, Hyundai can join these companies and send a strong signal to the Iranian government that their behavior is unacceptable.
In light of the above concerns, please let us hear from you by December 27, 2010 regarding your business dealings in Iran.
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Click here to send a message to Hyundai.Click here to read the full text of the letter to Hyundai.