Hyundai Motor chief donates 500 bln won to charity foundation

SEOUL, Aug. 28 (Yonhap) -- Hyundai Motor Co. Chairman Chung Mong-koo donated 500 billion won (US$462 million) of his personal assets to a charity foundation, implementing part of a donation pledge he made earlier, the company said on Sunday.
   The donation to the foundation set up by Hyundai Automotive Group is the biggest-ever charitable contribution made by an individual in South Korea, according to Hyundai Motor.
   The money will be used for scholarships for children from low-income families, the company said.
   Chung was given a three-year suspended jail term in 2006 after he was convicted of breach of trust and embezzling more than US$100 million in company funds to raise slush funds.
   In order to earn leniency at the time, Chung pledged to donate 840 billion won worth of his assets to society.
   sam@yna.co.kr
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