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Chung Mong-gyu |
The donation will increase the foundation's capital to 38.3 billion won from the current 26 billion won, enabling it to expand its scholarship and other charity programs.
In November 2005, Chung set up the Pony Chung Foundation to honor his late father and former company chairman Chung Se-yung, who placed top priority on fostering challenge, spirit and innovation.
The foundation has been offering the Pony Chung Innovation Award every year to those who bring positive changes to society in commemoration of the late Chung. Those chosen received 100 million won in prize money. Past awardees include figure skater Kim Yu-na and UN Secretary General Ban Ki-moon.
It has also been providing students with scholarships and implementing other academic support programs for the young.
"To mark the 10th anniversary of late Chairman Chung's death, which falls on May 21, the chairman decided to donate HDC shares to the foundation," an HDC spokesman said. "It will be able to carry out more academic support and other social programs, benefiting more students and others who make a difference in our society."
Since 2008, the foundation has selected up to three Ph.D. holders, who major in the humanities, each year and gave each 50 million won in research funding.
In addition, it runs a program to nurture young musicians by offering scholarships and organizing concerts in which they can show off their talent.
Since 2006, the foundation has been giving money to 280 Korean students from low-income families. On top of scholarship, the selected students are offered a chance to head overseas and work as an intern at HDC.
It has also been offering tuition to a total of 440 Vietnamese students over the past decade. From 2012, a group of Vietnamese students who exhibit outstanding performance are invited to Korea and enrolled in graduate schools for master's and Ph.D. programs at the foundation's expense.
Meanwhile, HDC Chairman Chung, who is the Korea Football Association president, has been running for a seat on FIFA's decision-making Executive Committee. The election will be held late this month.
