South Korea's Hyundai Motor Group Chairman Chung Mong-koo on Monday denied prosecutors' charges that he was directly involved in the creation and use of slush funds for bribing lawmakers and government officials in exchange for business favors.

In Chung's second court hearing at the Seoul Central District Court, he argued that he used some company money but said he was not aware of whether it constituted slush funds, the Yonhap reported.

Chung's attorneys are demanding that the court allow Chung to be released on bail, while prosecutors are strongly opposed to it.

Prosecutors last month charged Chung with misappropriation of 79.7 billion won, or 84.3 million U.S. dollars, in company funds through the automaker's key affiliates, such as Hyundai Mobis, Kia Motors and Glovis, from April 2000 to March 2006.

Chung's next trial will be conducted on June 26.

Source: Xinhua