Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
Nexon founder vows social contribution
NXC Chairman Kim Jung-ju
By Park Jae-hyuk
By Park Jae-hyuk
The founder of the nation's largest gaming company, Nexon, said Tuesday he will not hand over control of the company to his children.
He also vowed to donate more than 100 billion won ($93 million) to Korean society.
Kim Jung-ju, chairman of Nexon's holding firm NXC, announced this plan a few weeks after he was found not guilty on the charge of bribing former senior prosecutor Jin Kyung-joon.
Kim was indicted without detention two years ago for allegedly offering Nexon shares to Jin for free in 2005.
The appeals court recently ruled in favor of Kim, according to a precedent of the Supreme Court.
“During the first trial, I promised to pay off my debt to society, regardless of the ruling on my charge,” the chairman said in a press release. “The establishment of Nexon Foundation in February was a part of such efforts.”
He also vowed to help establish children's rehabilitation hospitals in major cities nationwide.
After sponsoring establishment of a children's rehabilitation hospital in Mapo-gu, western Seoul, Nexon decided to support opening of another hospital for young patients with disabilities.
The chairman said he will invest in startups founded by young entrepreneurs as well.
Kim also promised to give management rights of his company to a professional manager in the future, not his daughters, who are still under the age of 20.
“I have planned to do so since I founded Nexon in 1994,” he said. “Nexon could grow into a large company with passion of our employees and horizontal corporate culture. I think the culture should be maintained for the company's continuous innovation and healthier growth.”
Last September, Nexon having more than 5 trillion won in asset was designated as a conglomerate, which faces stricter regulations.
NXC is the largest shareholder of Nexon, which is listed on the Japanese stock market.
Nexon holds all shares of Nexon Korea, which controls affiliates including Nexon Networks and Neople.