Frugal woman donates W5b to KAIST

Kim Sam-yeol, wife of nature garden Seo Jeon Park president and philanthropist Kim Byung-ho, has donated 5 billion won ($4.3 million) in property to the Korea Advanced Institute of Science and Technology Monday.

Kim followed the steps of her husband, who gave the school 30 billion won ($26 million) in property in 2009. The couple’s donation is the biggest ever for the school.

“I thought our donation, which has started the construction of the Kim Byung-ho-Kim Sam-yeol IT Conversion Center this May, has been a great help in the country’s science development,” said Kim at the donation ceremony Monday. “So I decided to contribute more.” 

She donated land where the couple had planned to build a summer house in Namyangju, Gyeonggi Province. Kim said that she decided to dedicate the land to a more meaningful goal.

“I once felt sorry for my son and his wife, but I made my mind while thinking of KAIST president Suh Nam-pyo, faculty members and students, who have made efforts for the development of science and technology,” Kim said.

KAIST president Suh praised Kim’s decision, saying her donation would encourage others to give.

He promised to use it “for those who need it the most.”

Kim and Park say they made their fortune by living frugally and are now giving back to society in the belief that “spending wisely is more important than making money.”

They opened Seo Jeon Park, where families and children can experience nature, and have run it for 20 years.

By Lee Woo-young  (wylee@heraldcorp.com)