President Lee's scholarship foundation launched

SEOUL, Sept. 9 (Yonhap) -- A foundation handling President Lee Myung-bak's recently donated wealth has officially been launched and is expected to start handing out scholarships early next year, foundation officials said Wednesday.

The president donated 33.2 billion won (US$27.1 million), or over 90 percent of
his lifetime savings, in July under a campaign pledge to give all of his personal
wealth back to society with the exception of a house for his family after his
retirement.
"The foundation will offer various scholarship programs that best conform to
President Lee's intentions. It will work to make sure as many children and
students as possible will receive benefits," foundation head Song Jeong-ho said.
The Lee & Kim Foundation, named after the president and his wife Kim Yoon-ok, is
also known as the Cheonggye Foundation in Korean, taken from one of the
president's pen names.
The foundation is expected to offer about 90 million won every month based on
income it derives from the donated assets, Song, a former justice minister, said
earlier.
bdk@yna.co.kr