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Hyundai pledges R3.3bn to charity

South Korea's - Hyundai chairman Chung Mong-Koo donate R3.3bn to charity, partly fulfilling a pledge made in 2006 while being investigated for corruption.

Chung will donate shares worth R3.3bn in Hyundai Glovis - a Hyundai Motor subsidiary - to help children from poor families, the company said in a statement.

The money will be donated to a charity group founded by Hyundai, it said, adding the sum was the largest personal donation ever made in South Korea.

The move came amid calls for Chung, 73, to honour his promise to donate one trillion won (roughly R6.6bn).

EMBEZZLEMENT

Chung was later convicted of embezzling R597m in company funds through fraudulent accounting to raise a slush fund to bribe government officials and politicians in return for business favours.

He said at the time the donation was aimed to "take social and ethical responsibility" for the scandal.

The tycoon was given a jail term, which was reduced on appeal in 2008 to a suspended three-year sentence and 300 hours of public service before receiving a presidential pardon two months later.

Since then he has donated shares worth R995m for charity, prompting calls from civic groups and lawmakers to fully fulfill his pledge to donate one trillion won.

Hyundai Motor, with its affiliate Kia Motors, is the world's fifth largest automaker and controls nearly 80% of the South Korean auto market.
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