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Hyundai Motor chief Chung to support 84,000 needy students

Hyundai Motor chairman Chung Mong-koo plans to offer educational support to students from low-income households, the automotive group said Sunday.

Chung, who donated 500 billion won ($440 million) via the carmaker’s foundation for social activities last August, mapped out a program to support 84,000 underprivileged students over the next five years.

The program involves comprehensive support for elementary, middle, high school and college students residing in farming and fishing villages across the country.

Aside from providing low interest rate loans for college tuition fees and other expenses, the program aims to foster talented students in science via intensive classes for middle and high school students.
Hyundai Motor chairman Chung Mong-koo
Hyundai Motor chairman Chung Mong-koo

The Chung Mong-koo Foundation, formerly Haevichi Foundation, has signed a contract with Kookmin Bank for the low-interest rate loans.

“I want to contribute to fostering talented figures from low-income households by giving them educational opportunities for better social class mobility,” Chung was quoted as saying in August.

The chairman said he would like to help the needy students so that they do not lose hope for the future and focus on studying.

He promised in 2006 to donate 1 trillion won to society and gave 923,077 shares worth 60 billion won to the foundation in November 2007.

He also contributed 487,805 shares worth 30 billion won in July 2008 and 512,812 shares worth 60 billion won in December 2009.

In 2009, Chung was chosen by as the biggest stock donor, followed by Lotte Group Chairman Shin Kyuk-ho and Green Cross Chairman Huh Young-sup.

Hyundai Motor spokespeople said that the chairman has long been giving opportunities to youth so they can realize their dreams.

By Kim Yon-se (
Korea Herald Youtube