Hyundai Motor Group said Wednesday that its chairman Chung Mong-koo has awarded 1.6 billion won ($1.4 million) to the national archery team who won three gold and one bronze medal during the London Olympics.

The auto giant, together with the Korea Archery Association, held a welcoming dinner at a Seoul hotel on Wednesday, with some 400 guests including the archers and their families as well as Culture and Sports Minister Choe Kwang-shik.

Hyundai Motor vice chairman Chung Eui-sun, who took over his father’s job of leading the archery association, hosted the event and delivered cash awards to archers.

The group chairman served as president of the archery association from 1985-97 and is still an honorary chairman. During his tenure, Hyundai Group invested more than 30 billion won in the development of talented archers and archery equipment, officials said.

By Lee Ji-yoon (jylee@heraldcorp.com)