South Korean Auto Company Head Vows to Donate $1-Billion to Charity

The head of Hyundai Motor Company said on Monday that he intends to keep the promise he made last year to donate the Korean equivalent of $1.1-billion worth of personal assets to good causes, the Associated Press reports.

Chung Mong-koo made the pledge last year as part of a public apology and an attempt to earn leniency while embroiled in a slush-fund scandal.

One of South Korea’s richest men, Mr. Chung, chairman of Hyundai, was sentenced to three years in jail for breach of trust and for embezzling the equivalent of more than $100-million in company funds.

The donated money will be used to build an opera house in Seoul and to construct 12 other cultural centers across the country, Mr. Chung told the court. He said he also hopes the money will be used in projects that can help prevent global warming. He told the court that he has already given $64.5-million in cash to a charity.

(Free registration is required to view this article on the Chicago Tribune site.)