HHI Major Shareholder Donates USD 187 Million to Charity Fund Asan Sharing Foundation

Hyundai family companies held a press conference today to announce the establishment of charity fund Asan Sharing Foundation. The preparatory committee of Asan Sharing Foundation said the KRW 500 billion (USD 470 million) foundation will work to ease polarization of Korea’s economy and to encourage entrepreneurship among the youth in commemoration of late Hyundai founder Chung Ju-yung.

Asan is the pen name of Chung Ju-yung. Back in 1977, when the word ‘welfare’ was unfamiliar to Koreans, Chung Ju-yung established the Asan Foundation by contributing 50% of his shares in Hyundai Construction and Engineering Company. With the Asan foundation, Chung Ju-yung hoped to realize ‘living well together community’ by setting up hospitals in remote rural areas and granting scholarships to students from less fortunate family.

Hyundai Heavy Industries major shareholder, Mr. Chung Mong-joon, will donate his private fortune of KRW 200 billion (USD 187 million), or 40% of the total foundation fund. Other family members will also contribute KRW 24 billion (USD 2 million).

Moreover, six Hyundai family companies will contribute KRW 276 billion (USD 258 million) including Hyundai Heavy Industries Group’s KRW 238 billion (USD 222 million) contribution.

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Source: hhi, August 18, 2011;