Give 'till it hurts: Hyundai Chairman will give $1.1 billion in charitable donations

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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