President Lee Donates $26 Mil. to Charity

South Korean President Lee Myung-bak Monday donated most of his wealth worth 33.2 billion won (about $26 million) in accordance with his presidential campaign pledge to use his personal fortune for society.

A foundation will be established to manage the money that will be offered to those in the lower-income bracket as scholarships and for welfare. Former Justice Minister Song Jeong-ho has been tapped to head the ``Cheonggye'' foundation named after one of the President's pen names.

The donated assets include three buildings in southern Seoul and their annexed land and Lee's savings worth about 80 million won. Debts related to the assets were excluded.

With the donation, President Lee will be left with his home in Nonhyeon-dong, southern Seoul, worth 4.4 billion won, and movables worth 481 million won including sports memberships and savings.

It's very rare for incumbent presidents to donate their personal wealth around the world. Domestically, Lee's donation is expected to help stimulate the culture of giving.

"I, not only as the president but as a citizen, truly hope our country will become a warm society where each helps and cares for others. I truly hope we will be a society where people express their love not just through money but with sincere hearts because money without love means nothing," Lee was quoted as saying.

President Lee pledged to donate all his wealth, except for a house, just 10 days before the presidential election in December 2007.