MARITIME BRIEFS

MARITIME BRIEFS

HYUNDAI FOUNDER CHUNG

RECEIVES SENTENCE

SEOUL, South Korea - The founder and honorary chairman of the giant Hyundai Group was sentenced Monday to three years in prison for diverting company

funds to his unsuccessful 1992 presidential campaign.

However, because of the advanced age of Chung Ju-yung, who is 78, and his active role in operating Hyundai Group, he was not jailed.

Mr. Chung, who plans to appeal, wasn't detained during the trial and had been free to travel abroad.

He was found guilty of illegally diverting $62.8 million from Hyundai to finance his election campaign. Prosecutors had demanded a seven-year sentence.

Hyundai, South Korea's second-largest conglomerate, had $40 billion in 1992 sales and produces cars, ships and other industrial goods.

VOLUME DECLINES

AT PORT OF DULUTH

DULUTH, Minn. - Sluggish shipments of iron ore led to a reduction in the Port of Duluth-Superior's waterborne commerce, the Seaway Port Authority of Duluth said.

The port handled nearly 25 million metric tons of waterborne commerce through September, 2.3 percent less than the same period in 1992.

Work stoppages at some of Minnesota's Iron Range taconite production facilities contributed to a decline in shipments of the port's leading cargo, the port authority said.

Exports of iron ore were down 299,024 tons, and domestic shipments were down 762,738 tons through September.