Hyundai boss donates stocks worth W100 bil.

By Kim Tae-jong

Chung Mong-koo

Hyundai Motor Group Chairman Chung Mong-koo will donate stocks worth 100 billion won to help underprivileged and talented students from poor families, the group said Tuesday.

About 360,000 shares of the group’s advertising affiliate Innocean will be donated to the Chung Mong-koo Foundation to support the socially-marginalized, it said.

The chairman of the world’s fifth-largest automaker owns about 20 percent of the affiliate’s stake.

The foundation, named after the chairman, was established in 2007 when the chairman donated 60 billion won out of his pocket. He has given 650 billion won to the fund in the past four donations.

In 2011, he donated 500 billion won ― the highest amount ever given as an individual donation here.

“The chairman Chung decided to make an additional contribution to a virtuous circle in welfare,” said an official from the group. “The money will be used to support the socially-marginalized and children from poor family.”

The foundation has run various welfare programs, aiming at supporting the socially marginalized such as senior citizens living alone, children living without parents, interracial families, and North Korean defectors.

It has also given scholarships to thousands of underprivileged students so that they can develop their talents.

Since its creation in 2009, the scholarship program has provided 15 billion won to about 15,000 students as of 2012, it said.

The foundation said it is now selecting beneficiaries of the program with the help of experts and charity organizations so that the fund is used transparently for its original purpose.

In his first installment of his donation, Chung gave 923,077 shares worth 60 billion won to the foundation in November 2007.

In July 2008, he again contributed 487,805 shares worth 30 billion won and in December 2009, 512,812 stocks worth 60 billion won.

In 2009, Chung was chosen by Chaebul.com as the biggest stock donor, followed by Lotte Group Chairman Shin Kyuk-ho and Green Cross Chairman Huh Young-sup.

Meanwhile, Innocean is a global advertising firm which has three regional offices and 15 overseas networks in 16 countries including the U.S., the U.K., France and Germany.