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Chung Mong-koo |
Hyundai Motor Group said Tuesday that chairman Chung Mong-koo plans to donate roughly 100 billion won ($90 million) out of his own pocket to offer more benefits to young, talented students from underprivileged families.
According to the Korean auto giant, Chung plans to sell off all his 20 percent shares in Hyundai Innocean, the carmaker’s advertising unit, to donate to the Chung Mong-koo Foundation, a charitable foundation that he funds.
Industry watchers say that the unlisted stocks Chung owns in Innocean could be worth well over 100 billion won in total.
Since the Hyundai chief established the foundation in 2007 to fulfill his social responsibility, he has donated a total of 650 billion won of his own money, including 500 billion won in 2011, the largest donation made by an individual in Korea.
The foundation, consisting of welfare experts, has carried out diverse charitable activities such as creating jobs for young people, offering welfare benefits to underprivileged children and supporting scholarships for talented students.
By Lee Ji-yoon (
jylee@heraldcorp.com)
