Hyundai boss gives USD 462 million to charity

Hyundai boss gives USD 462 million to charity

The donation of 500 billion won (USD 462 million) to Hyundai Glovis, the foundation set up in 2007 by Hyundai Automotive Group, is the biggest-ever charitable contribution made by an individual in South Korea, Hyundai Motor said.

The money will be used for scholarships for children from low-income families, the company said.

Chung, 73, was given a three-year suspended jail term in 2006 after he was convicted of breach of trust and embezzling more than USD 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, Yonhap news agency reported.

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 per cent of the South Korean automobile market.

In July, the company sold a total of 323,637 automobiles globally, up 9.8 per cent over July, 2010.

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