SEOUL, South Korea — Saying that it wants to give its flagging economy a shot in the arm, South Korea on Tuesday issued a large number of presidential pardons, including one for Hyundai-Kia Chairman Chung Mong-koo.

Chung, who controls Hyundai Motor and Kia Motors, was found guilty last year of fraud, embezzlement and running a slush fund but managed to stay out of jail. He was given a suspended three-year sentence last September and was ordered to perform community service as part of the deal.

The pardons, an annual tradition, are handed out on August 15, the anniversary of the Republic of Korea's founding. Chung's name was on a list of 340,000 pardons that will be handed out on Friday by the Justice Ministry.

'It is hoped that the businessmen would take the lead in reviving the economy by creating jobs through active investment and exploring markets abroad,' the ministry said in a statement.