ID :
201763
Wed, 08/17/2011 - 04:16
Auther :
Shortlink :
https://oananews.org//node/201763
The shortlink copeid
Lee praises Rep. Chung's decision to donate to social foundation
SEOUL, Aug. 17 (Yonhap) -- President Lee Myung-bak has praised Rep. Chung Mong-joon for his decision to offer a huge amount of personal assets to set up a social welfare foundation, an official said Wednesday.
Chung, South Korea's richest politician and a son of late Hyundai Group founder Chung Ju-yung, announced earlier this week that he would use 200 billion won (US$187 million) of his personal assets to establish a 500 billion won foundation aimed at helping reduce social inequity.
The rest will be funded by former Hyundai Group affiliates.
The announcement came shortly after Lee delivered his Liberation Day address Monday that centered on the importance of big businesses playing greater roles in helping smaller firms grow together with them so as to help narrow social inequalities.
During a Cabinet meeting Tuesday, Lee praised Chung's decision as "meaningful," presidential spokesman Park Jeong-ha said without elaborating. Other participants in the meeting said that Lee made remarks to the effect that Chung's decision fits his policy to seek "shared growth."
Funding for the Asan Sharing Foundation will come from Hyundai Heavy Industries Co. -- the world's largest shipyard -- as well as KCC Group, Hyundai Marine and Fire Insurance Co., Hyundai Development Co., Hyundai Welding Co. and Hyundai Department Store, Hyundai officials said.
The foundation plans to support efforts to reduce the gap between haves and have-nots, and help young entrepreneurs as they try to set up new companies, officials said.
Chung, South Korea's richest politician and a son of late Hyundai Group founder Chung Ju-yung, announced earlier this week that he would use 200 billion won (US$187 million) of his personal assets to establish a 500 billion won foundation aimed at helping reduce social inequity.
The rest will be funded by former Hyundai Group affiliates.
The announcement came shortly after Lee delivered his Liberation Day address Monday that centered on the importance of big businesses playing greater roles in helping smaller firms grow together with them so as to help narrow social inequalities.
During a Cabinet meeting Tuesday, Lee praised Chung's decision as "meaningful," presidential spokesman Park Jeong-ha said without elaborating. Other participants in the meeting said that Lee made remarks to the effect that Chung's decision fits his policy to seek "shared growth."
Funding for the Asan Sharing Foundation will come from Hyundai Heavy Industries Co. -- the world's largest shipyard -- as well as KCC Group, Hyundai Marine and Fire Insurance Co., Hyundai Development Co., Hyundai Welding Co. and Hyundai Department Store, Hyundai officials said.
The foundation plans to support efforts to reduce the gap between haves and have-nots, and help young entrepreneurs as they try to set up new companies, officials said.
