The FINANCIAL — Hyundai-Kia Automotive Group has named its corporate social responsibility (CSR) organization “Haebichi CSR Committee’’ to manage 840 billion won ($915 million) donated by its chairman, Chung Mong-koo, according to Korean News.
Company officials said on Tuesday that the group has decided to use Haebichi, a pure Korean word meaning “sun-shining’’ in English which Chung is said to be fond of, for the group’s CSR committee.
Haebichi was also used for the Haebichi Hotel Resort, one of Hyundai-Kia Group’s affiliates that operates businesses of condominiums, hotels and golf courses. But the spokesman said that the resort arm has nothing to do with the Haebichi CSR Committee.
Chung, a 69-year-old business tycoon, has promised to donate 840 billion won for a variety of social responsibility activities in atonement for illegal business practices including embezzlement of 90 billion won in company funds and breach of trust.
“Concrete project goals and detailed action plans will be announced as early as December,’’ the spokesman said, adding that the committee will exercise full power to draw up plans for a transparent and effective use of the money.
Hyundai-Kia Automotive Group has been preparing an office for the committee in a 330-square meter (100-pyeong) space of its Gye-dong building. As committee members, the group chose seven dignitaries including Korea International Trade Association (KITA) Chairman & CEO Lee Hee-beom, Beautiful Foundation Chief Executive Director Park Won-Soon and Yoo Hong-jong, head of the Hyundai-Kia Group’s social service squad.
Hyundai Motor, the top South Korean automaker, is the world’s sixth-largest automotive group together with its affiliate Kia Motors. Hyundai-Kia Group aims to be one of the world’s top five automakers by 2010.
