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Hyundai Motor chairman Chung Mong-koo on Tuesday told an appellate court of his plan to donate W1 trillion to society to atone for corrupt practices (US$1=W938). Chung (69) first made the pledge last year.
Chung said he will donate W100 billion-200 billion from his private coffers every year for seven years until 2013, beginning with W120 billion this year. The chairman, who is appealing a conviction for embezzlement and breach of trust, did not say whether he would give up his shares of Glovis, the Hyundai affiliate involved in setting up a slush fund, as he had earlier pledged. During redirect in his third appeals hearing held at the Seoul High Court on Tuesday, Chung said, "Hyundai Motor has grown into the world's sixth largest automaker thanks to the people's support. I wish to return their kindness and give help to the underprivileged people by contributing to society." Chung said he had already donated W60 billion in cash of this year¡¯s installment.
He promised to organize a committee of respected figures from cultural, economic and judicial circles and academia during the second half of this year who would have full discretion on where and how the fund will be spent and who will operate it. As specific projects, he suggested building performance facilities and multi-purpose cultural centers for free use by low-income and handicapped people, and initiating environmentally friendly projects to prevent global warming.
He promised to build an opera house and a concert hall with 1,500 to 2,000 seats in Seoul, and next-generation multi-purpose cultural centers in 12 cities across the country. In principle, people would be able to use these facilities free. ¡°The handicapped, and children and juveniles will be given priority considerations in using these facilities and watching performances,¡± he said. "I also hope that the fund will be used to support environmentally friendly social work aimed at preventing global warming." When the judge asked, "Can we see this as your promise to the people?" Chung said, "I've always thought so."
But the Hyundai chairman did not specify any concrete plan on how to collect the fund from his private coffers. On April 19 last year, when he was under investigation by prosecutors, Chung pledged to donate W1 trillion, including 22.5 million shares (60 percent) of Glovis shares held by Chung and his son. But on Tuesday, a Hyundai Motor official said the W1 trillion will be raised from Chung's private coffers but it was not decided whether money from the sale of his family's Glovis shares will be included in this amount.
(englishnews@chosun.com )
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