Hyundai Motor chief donates 500 bln won to charity foundation

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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 in 2007 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 through 2013.
In 2007, Chung donated 150 billion won worth of personal assets to the foundation, plus an additional 60 billion won in 2009.
Hyundai Motor is the world's fifth-largest automaker along with its affiliate Kia Motors Corp. Together, they control more than 75 percent of the South Korean automobile market.
Meanwhile, Hyundai associates including Chung Mong-koo's younger brother Chung Mong-joon, company affiliate Hyundai Heavy Industries and other firms pledged early this month to set up a charitable foundation with a separate 500 billion won.
sam@yna.co.kr
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