• May 23, 2007
In an effort to clean up his reputation after a court came down on him with an embezzlement conviction last February, Hyundai Motor Co. Chairman Chung Mong-koo has vowed to give $1.1 billion of his own money in charitable donations over the next seven years. His initial pledge was made last year as he sought leniency from the courts -- both the law court and that of public opinion -- and he reaffirmed his promise recently as he appeals the Seoul High Court to reverse the charges that landed him in jail for three years.

Doling out the Benjamins falls to an independent committee to be formed later in the year, which will use the money to provide for an opera house in Seoul and twelve other cultural institutions across the country. Chung also mentioned he hopes that the money will go toward funding an end to global warming. $1.1 billion just ought to about cover that, right?

[Source: Associated Press via The Detroit News]



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    • 1 Second Ago
  • 5 Comments
      • 7 Years Ago
      And people act like only domestic execs. make absurd salaries and all import execs. are always taking one for the team yet this guy has a billion bucks to give away.
      • 7 Years Ago
      wow...he has no earlobes :O
      • 7 Years Ago
      Someone watches too much Fox news.

      I think the guy should dump that money into R&D for hot turbo charged hatchbacks that they can sell in the USA, personally.

      • 7 Years Ago
      Ever since he LOST his daughter and son-in-law in the Oceanic Flight 815 plane crash, he's pledged to become a better person by giving his money away.
      • 7 Years Ago
      All I know is I won`t be contributing to this guys billions.

      I find the American offerings more than adequate for my transportation.

      These are the billions that stay in this country by buying American.