Seoul Emergency Meeting After Hyundai Raid

South Korean citizens were detained in the United States

Seoul held an emergency meeting after several South Korean citizens were detained in the United States following a raid on the local subsidiary of Hyundai. The company is under investigation for alleged sanctions violations regarding trade with Iran. The U.S. Department of Justice is looking into whether Hyundai Motor USA improperly sent luxury sedans and SUVs to Iran between 2016 and 2018, violating sanctions on exporting U.S. goods to Iran.

Company Statement

A Hyundai spokesperson stated: "We take compliance with export controls and economic sanctions enforced by the U.S. very seriously and have rigorous policies and procedures in place to ensure compliance with these regimes. We will cooperate with the Department of Justice in its investigation."

Raid Conducted by FBI

The raid was conducted by the FBI and local law enforcement agents last week. A spokesperson for the U.S. Attorney's Office in Los Angeles declined to comment on the investigation.

Sanctions Implications

The alleged violations carry a maximum penalty of 20 years in prison and $1 million in fines. The Justice Department has been cracking down on violations of sanctions on Iran as well as other countries, such as China, Russia, and Venezuela.

Industry Impact

The investigation comes when Hyundai is trying to grow its market share in the United States. The company is set to launch several new models next year, including an all-electric SUV and a new pickup truck.