Hyundai boss gives $462 mn to charity | business | Hindustan Times
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Hyundai boss gives $462 mn to charity

business Updated: Aug 28, 2011 22:03 IST
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South Korea's top auto maker Hyundai Motor on Sunday said its chairman would give $462 million to charity, partly fulfilling a pledge made in 2006 while being investigated for corruption charges.

Chung Mong-Koo will donate shares worth 500 billion won ($462 million) in Hyundai Glovis - a Hyundai Motor subsidiary - to help children from poor families, the company said in a statement.

The money will be donated to a charity group founded by Hyundai and the sum was the largest personal donation ever made in South Korea.

The move came amid calls for Chung, 73, to honour his promise to donate one trillion won ($924 million).

Chung was later convicted of embezzling 90 billion won in company funds through fraudulent accounting to raise a slush fund to bribe government officials and politicians in return for business favours. He said at the time the donation was aimed to "take social and ethical responsibility" for the scandal.