Chung Mong-koo made a record charitable donation of nearly $550 million to help the poor in South Korea. Photo / Supplied
Chung Mong-koo made a record charitable donation of nearly $550 million to help the poor in South Korea. Photo / Supplied
The chairman of the Hyundai-Kia Motor Group has made a record charitable donation of nearly $550 million to help the poor in South Korea.
It was reportedly part of the reparation gift Chung Mong-koo pledged in 2006 while embroiled in an embezzlement scandal.
The donation was given to a groupthat provides educational opportunities to children from poor families, said Hyundai Motor Co. Chung set up the group in 2007 with a $112 million donation.
Reports described the latest gift as the largest personal charitable donation in the country's history.
It comes in the form of the chairman's personal shares in Hyundai Glovis, the logistics subsidiary of Hyundai Motor.
Chung promised the largesse as he became ensnared in an embezzlement scandal. He was arrested in 2006 and found guilty the following year of siphoning about $110 million in company money to create a slush fund to seek political favours.
Chung was eventually given a three-year suspended sentence.
The head of Korea's biggest automotive company did community service in lieu of jail time, and was granted a pardon from South Korea's president in 2008.
