Posted on September 3, 2011

Hyundai Motor Group Chair to Give $462 Million to Charity

Chung Mong-Koo, chairman of the Seoul-based Hyundai Motor Group, will give approximately $462 million to charity in partial fulfillment of a nearly $1 billion pledge he made while being investigated for corruption in 2006, Agence France-Presse reports.

After he was convicted in 2008 of embezzling more than $80 million to create a slush fund with which to bribe politicians and other government figures, Chung was given a three-year suspended jail sentence and three hundred hours of community service, but was granted a presidential pardon two months later.

Having given less than $150 million of the more than $900 million he pledged to charity, Chung has come under pressure from lawmakers and civic groups to fulfill his promise. The latest installment, which represents the largest ever personal donation in South Korea, comes in the form of shares in Hyundai Glovis, a subsidiary of Hyundai Motor Group. According to a statement issued by the company, it will be disbursed to a charity established by Hyundai to help children from poor families.