Koo Bon-moo (left) and Yang Hak-seon

LG Group Chairman Koo Bon-moo will give gymnastics gold medalist Yang Hak-seon W500 million to reward his achievement in the men's vault at the London Olympic Games (US$1=W1,127). Yang gave Korea its first-ever Olympic title in gymnastics.

Koo "decided to award the reward in order to congratulate and encourage Yang, who overcame difficult conditions at home and won the first gold medal in gymnastics for his country through his iron will and hard training," an LG press release said Thursday.

LG says it wants to ensure that Yang can leave hardship behind him and focus on improving his skills.

Koo apparently made the decision after watching Yang's stellar performance on Tuesday and hearing of his family's poverty. The chairman was moved by the love he showed for his parents, saving up his training stipend and wiring it to them every month.