Hyundai Chief Pledges $462-Million to Charity
August 29, 2011 | Read Time: 1 minute
Chung Mong-Koo, chairman of the South Korean auto maker Hyundai, has promised $462-million to a charity he established to aid children from poor families, Agence France-Presse and The Korea Herald report.
The gift to the Haevichi Foundation, in the form of shares in a Hyundai subsidiary, is the biggest ever made in South Korea and fulfills a large portion of Mr. Chung’s 2006 pledge to donate as much as 1 trillion Korean won ($924-million) to charity by 2013.
Mr. Chung, who made the promise amid a corruption scandal that ensnared the world’s fifth largest car company, launched the Haevichi Foundation with an approximately $138-million donation in 2007. He was convicted of embezzlement and but received a presidential pardon in 2008.
