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Hyundai Motor group chairman Chung Mong-koo on Thursday donated W30 billion worth of his stocks in Glovis Co. to the Haebichi Corporate Social Responsibility Committee (US$1=W1,045). With the W60 billion worth of Glovis shares already donated in November last year, that brings the total to W90 billion altogether.
In an April 2006 apology to the public over a slush fund scandal, Chung promised to donate a large part of his assets to social welfare. Chung was sentenced to six years in jail, but the sentence was suspended on appeal. During the appeal, Chung declared he would donate W840 billion to atone. The group admitted the donation was behind schedule but claimed the reason was that it did not wish to be seen to influence the outcome of the appeal. Now that the trial is over, it promised to deliver on the pledge in full.
(englishnews@chosun.com )
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