UANI Calls on Hyundai to End Its Business in Iran
FOR IMMEDIATE
RELEASE
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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Eye on Iran is a news summary from United Against Nuclear Iran (UANI), a section 501(c)(3) organization. Eye on Iran is available to subscribers on a daily basis or weekly basis.