Hyundai Heavy Industries and some other companies bearing the Hyundai name will set up a charitable foundation with 500 billion won ($467 million), the shipbuilder announced Tuesday.

Much of the fund will be raised by Hyundai Heavy Industries and its subsidiaries, and the group’s largest shareholder, Rep. Chung Mong-joon of the ruling Grand National Party. Hyundai Heavy Industries and its subsidiaries will be responsible for raising 238 billion won.

Rep. Chung Mong-joon, the fourth son of the late Hyundai Group founder Chung Ju-yung, will provide 30 billion won in cash and 170 billion won in securities.

“Asan Sharing Foundation aims for sharing welfare for solving social polarization, and to support the entrepreneurial spirits of the youth,” said professor emeritus of Seoul National University Chung Chin-hong, who heads the organizing committee for the foundation tentatively known as the Asan Sharing Foundation. Asan is Hyundai Group founder Chung’s pen name.

Chung added that while the foundation has yet to draw up detailed plans for its operations, the organization is likely to be launched within the next two to three weeks, during which the details will be worked out.

According to the professor, Rep. Chung Mong-joon has made it clear that he will not become involved in the operations of the foundation.

Of the other Chungs and Hyundai companies contributing to the project, KCC Corp. will bring 15 billion won, while the company’s honorary chairman Chung Sang-young will contribute 3.5 billion won. KCC’s current chairman Chung Mong-jin will bring 1 billion won into the project while his brother Chung Mong-ik will contribute 500 million won.

Hyundai Marine and Fire Insurance Co. and its chairman Chung Mong-yoon will add a total of 12 billion won, while his brother Chung Mong-suk and his company Hyundai Welding Co. will bring 5 billion won into the project.

Hyundai Department Store Group will contribute 5 billion won, while its honorary chairman Chung Mong-keun and his son Chung Ji-sun will raise 10 billion won

Hyundai Development Co. will also add 5 billion won to the pot, with its chairman Chung Mong-gyu raising an equal amount.

Two of the better known Hyundai conglomerates ― Hyundai Motor Group and Hyundai Group ― are not taking part in the project.

Hyundai Motor Group is headed by Chung Ju-yung’s eldest surviving son Chung Mong-koo, while Hyundai Group is headed by Hyun Jeong-eun, the widow of Chung Mong-hun.

By Choi He-suk (cheesuk@heraldcorp.com)