Snitches on Hyundai/Kia, gets $24,000,000.

[Graham Piccinini]

I saw this mentioned some time ago, when the whistleblower just did the deed, but there was no award mentioned at the time. But here is an update with how it turned out for him.

Hyundai and Kia whistleblower awarded $24 million by the NHTSA

It's the first award to come out of the National Highway Traffic Safety Administration's whistleblower program.

www.cnet.com

Hyundai Motor whistleblower, $24 mln in hand, plans to help others speak up

South Korean engineer Kim Gwang-ho was almost certain he would receive ample compensation from the whistleblower program of the U.S. auto safety regulator for a tip-off about safety lapses at Hyundai Motor Co , his employer of 26 years.

www.reuters.com

 

[Zee09]

I like how he said the amount was just about right. Others would sell you out on principal alone.

I doubt he made 24 million every 5 years before.

 

[Jetronic]

well he'll need to live off that the rest of his life, who will hire him?

 

[Graham Piccinini]

well he'll need to live off that the rest of his life, who will hire him?

With $24m it should be easy to start a small business, or live simply for the rest of his life. He is 59 now, good little early retirement fund, I'd say.

 

[bullwinkle]

With $24m it should be easy to start a small business, or live simply for the rest of his life. He is 59 now, good little early retirement fund, I'd say.

Even after taxes, I would be OTD at the speed of light for that kind of money! Imagine the good one could do for others, while still having plenty to live on for the rest of one's life (I'm 57)!

 

[tyman]

Good on him.

for exposing Hyundai and Kia's misreporting of information to the NHTSA, their cover-up of serious engine issues with the Theta II engine family and the companies' slow handling of recalls. The $24 million represents 30% of the $81 million in cash collected in fines from Hyundai and Kia.

 

[Leo99]

well he'll need to live off that the rest of his life, who will hire him?

I could do it for much less than $24M. And any reputable company would hire him but I doubt he's looking for work.

 

[Kjmack]

Back in the joint we used to say snitches get stitches

 

[Owen Lucas]

Even after taxes, I would be OTD at the speed of light for that kind of money! Imagine the good one could do for others, while still having plenty to live on for the rest of one's life (I'm 57)!

Rough numbers, I don't know exact penalties, but even with $17M after taxes and a low market return rate of 4% he would still be making $700k a year. Throw in a very good financial advisor that can get you into big boy investing funds then you can easily make 1MM or more with that kind of capital. Live off the dividends!

 

[Zee09]

well he'll need to live off that the rest of his life, who will hire him?

Give me $24 million and I would be on life support in my house on a rotisserie. Turn to pump and dump..

Heck I could buy and sell Auto Clown...

 

[Kjmack]

well he'll need to live off that the rest of his life, who will hire him?

He will be hiring people lol

 

[Jetronic]

he didn't know how much he would get, could've been 30% of nothing... but it was the end of his career for sure.