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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Hyundai's ex-chairman now feeds and bathes babies

Once he was one of the most powerful people in South Korea controlling the fortunes of hundreds and thousands of people. Now, he is just a baby sitter. Yes, I am talking about none other than Chung Mong-Koo, the ex-chairman of Hyundai Motor Company (SEO: 005387). As part of his punishment, Chung Mong-Koo is now doing 300-hour community service at a welfare center.

71 year old, Chung Mong-Koo, was sent to prison in February 2007. He received three years sentence for breach of trust and embezzling 90 billion won worth of company funds through fraudulent accounts. Earlier, he received three year prison term but the appeal court nulled the verdict on the ground that it would degrade the image of South Korean economy. Instead, the appeal court ordered a three-year suspended sentence. Telegraph.co.uk reports:

Earlier this month, a second appeal court ruling upheld his suspended prison sentence but ordered him to undertake 300 hours of public service involving manual work for charities or protection of the environment - the earlier sentence had been seen as too lenient on white-collar crime.

Chung had also been ordered to give lectures and write articles in the local media on business ethics - and to make good on his pledge to donate 840 billion won to charity.

Born on March 19, 1938, Chung Mong-Koo is a graduate from Hanyang University in 1967. In 1999, he took over as the head of Hyundai succeeding his father Chung Ju-Yung. In 2000, he defied his father and took over as the chairman of Hyundai Group. Famous American business magazine, Business Week, named him as one of the top managers in 2004. In 2006, the Seoul Supreme Public Prosecutor’s Office accused Chung Mong-Koo and his family of embezzling money. Chung Mong-koo was arrested in April 2006.

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