Hyundai Motor president Chung Mong-koo is donating W500 billion (USD 462 million) of his own money to a cultural foundation. Chung is to transfer some 2.6 million shares in Hyundai Glovis, a logistics services subsidiary of Hyundai Motor, to the Haevichi Social Contribution Culture Foundation before the stock market openes on Monday. The shares were worth some W500 billion (USD 462 million) based on the closing price last Friday, making this the biggest personal donation to a charity in the country’s history.
In 2006, Samsung Group chairman Lee Kun-hee’s family donated W800 billion to a charity, but that consisted of W450 billion from the Samsung Lee Kun-hee Scholarship Foundation; Samsung Electronics shares worth W130 billion owned by the chairman and his son Jae-yong, the president of Samsung Electronics; and shares in Samsung subsidiaries held by Lee’s dead daughter Yoon-hyung worth W220 billion. Chung has already donated shares worth W150 billion to the Haevichi Foundation, which was established in October 2007. It sold W124.7 billion worth of the shares and given scholarships to about 6,000 students.