South Korean car giant Hyundai and its affiliate Kia are forecasting their weakest growth in car sales in more than a decade as competition intensifies and the global economy slows.

South Korea announced pardons for three convicted high-profile corporate tycoons today, part of a traditional presidential amnesty ahead of the country’s Liberation Day.

Hyundai Motor Chairman Chung Mong-koo was sentenced to three years in prison after being convicted today of embezzlement over a slush fund scandal.

State prosecutors today requested an arrest warrant for Hyundai Motor Company chairman Chung Mong-koo amid a bribery and slush fund scandal that has rocked South Korea’s largest car manufacturer.