Friday, July 04, 2008

Chung Mong-Koo donated 30 Billion Won to charity foundation

As per his promise, Chung-Mong-Koo, ex-chairman Hyundai Motor Company (SEO: 005387) donated 4,80,000 shares of Golvis Co., worth 30 billion KRW ($28.7 million), to the Haebichi Foundation. The foundation has been established by Chung Mong-Koo in 2007 when he received orders from the court of donating money to various charitable organizations. Though the order was dismissed by the appeal court but Chung Mong-Koo decided to keep his promise. The Korea Times reports:

The 71-year-old CEO made the contribution of the Glovis stake, which is currently worth 30 billion won ($28.7 million), to the Haebichi Foundation, the automaker said Thursday.

``This is a decision to show how he is loyal to his promises,'' the company said.

The foundation said it aims to put forward various cultural and art projects, as well as charity activities including a special scholarship for the young from low-income households.

Chung Mong-Koo received three year prison sentence on the charge of embezzling company funds through fraudulent accounting. Later, an appeal court dismissed the verdict for it would degrade the image of South Korean economy and gave him three-year suspended sentence.

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The Korea Times