SEOUL, South Korea (CNN) -- Hyundai Chairman Chung Mong-koo escaped a prison sentence for embezzlement after a South Korean court ruled Thursday to instead impose a suspended five year sentence, according to a company spokesman.



Hyundai Motor chairman Chung Mong-Koo, center, leaves the High Court after his trial in Seoul in June.



In February, the 68-year-old executive was sentenced to three years in prison after being convicted of embezzling money from the South Korean conglomerate. He appealed that verdict and on Thursday the company said Chung will now only be required to undertake community service.



Chung was accused of funneling $106 million in company money into a slush fund to seek favors from the government and with breach of trust for incurring more than $300 million in damages to the company.



Hyundai is the world's sixth-largest automaker and a pillar of South Korea's economy.



Chung spent two months in jail after his arrest last April before being released on $1 million bail. He admitted using affiliated companies to set up slush funds, but said he knew no details of the arrangements. E-mail to a friend



CNN's Eunice Yoon contributed to this report.
When was he sentenced? What fund did Chung place money in? What did he escape prison for? What country was he charged in? What month was he sentenced? Who is Hyundai Chairman? What did Hyundai Chairman Chung Mong-koo embezzle? Where did he place the money?
In February, slush embezzlement Korea February, Chung Mong-koo $106 million in company money slush fund
question: When was he sentenced?, answer: In February, | question: What fund did Chung place money in?, answer: slush | question: What did he escape prison for?, answer: embezzlement | question: What country was he charged in?, answer: Korea | question: What month was he sentenced?, answer: February, | question: Who is Hyundai Chairman?, answer: Chung Mong-koo | question: What did Hyundai Chairman Chung Mong-koo embezzle?, answer: $106 million in company money | question: Where did he place the money?, answer: slush fund