Hyundai Motor chief implements part of donation pledge

SEOUL, Dec. 7 (Yonhap) -- Hyundai Motor Co. Chairman Chung Mong-koo donated 60 billion won (US$52 million) worth of his personal assets to society on Monday, implementing part of his donation pledge to earn leniency in his embezzlement conviction, company officials said Monday.

Chung was given a three-year suspended jail term in 2006 after he was convicted
of breach of trust and embezzling more than US$100 million in company funds to
raise slush funds.
In order to earn leniency at the time, Chung pledged to donate 840 billion won
worth of his assets to society.
The 60 billion won of stocks in Glovis Co., an affiliate of Hyundai, went to a
charity foundation set up by Hyundai-Kia Automotive Group, which has Hyundai
under its wing.
"The donation was made in line with Chairman Chung's commitment to build a
society of co-existence," said a group official.
The money will be used to help children of low-income families and victims of
traffic accidents, the official said.
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