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.