By Kim Hyun-cheol
Staff Reporter
Chung Mong-koo, chairman of the Hyundai-Kia Automotive Group, donated 480,000 shares in the company's logistic unit to a charity foundation as part of efforts to live up to his words after avoiding jail for embezzlement.
The 71-year-old CEO made the contribution of the Glovis stake, which is currently worth 30 billion won ($28.7 million), to the Haebichi Foundation, the automaker said Thursday.
``This is a decision to show how he is loyal to his promises,'' the company said.
The foundation said it aims to put forward various cultural and art projects, as well as charity activities including a special scholarship for the young from low-income households.
Chung established Haebichi in the wake of an appeal court ruling ordering him to make a private donation September last year. The order was reversed in a second appeal court hearing but the executive pledged to do it anyway.
Chung was sentenced to three years in prison February year for misappropriating 90 billion won in company funds through fraudulent accounting to build a slush fund. An appeal court suspended the sentence, but also ordered him to abide by his pledge to donate up to 840 billion won.
Last month, a second appeal court ruled swapped the money contribution for 300 hours of public service.