Hyundai fined $1 million
South Korean car company Hyundai has been fined a massive $1 million (£560,000) for its withdrawal from the World Rally Championship in 2003, after a meeting of the FIA World Council in Paris on Wednesday
Motor racing's governing body, the FIA, decided to show no leniency over the absence of Hyundai from four rounds of the 2003 WRC and its subsequent failure to pay financial penalties at the time for missing the events.
After summoning representatives of the Hyundai Motor Company to Paris to explain its withdrawal, a statement from the FIA said: "Further to the presentation, the World Council unanimously confirmed the imposition of a $1 million (US) penalty on the Hyundai Motor Company with a deadline for payment of December 1, 2004."
Hyundai has been fined because any manufacturer taking part in the WRC had to commit to competing in every round. It chose to pull out of the series before the 2003 San Remo Rally, causing its preparation company Motor Sport Developments to lay off the staff who had worked on its Accent WRC cars.
Only this week, Hyundai has been linked as a possible buyer for the Jaguar Formula 1 racing team following Ford's decision to pull the plug on the outfit.
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