Lotte Chair contributes to hometown
Published: 06 Oct. 2009, 07:21
ULSAN - Lotte Group Chairman Shin Kyuk-ho, 87, will establish a social welfare foundation for the underprivileged in his hometown of Ulsan, South Gyeongsang, next month, according to Lotte Group and Ulju District of Ulsan.
The grant will be between 50 and 60 billion won ($42.6 million and $51 million), with the money coming in the form of shares and cash. Lotte Group and Ulju District are in the process developing policies to run and finance the foundation. The Lotte Group will make an official announcement of the foundation at the end of this month after it submits its plan to the Ulsan city government.
An Ulsan official said at least 2,000 underprivileged households will benefit from the foundation.
“There will be no problem approving the plan because what the company wants to establish is a public social welfare foundation to make social contributions, not a foundation that will directly manage the facilities for the disabled and seniors,” the official said.
Jang Byeong-su, head of Lotte Group’s PR department, said, “Lotte Group already has its own social welfare foundation, but this one is different .?.?. President Shin personally wants to make contributions to locals in his hometown. There will be an official announcement soon about the foundation.”
By Lee Key-one [[email protected]]
The grant will be between 50 and 60 billion won ($42.6 million and $51 million), with the money coming in the form of shares and cash. Lotte Group and Ulju District are in the process developing policies to run and finance the foundation. The Lotte Group will make an official announcement of the foundation at the end of this month after it submits its plan to the Ulsan city government.
An Ulsan official said at least 2,000 underprivileged households will benefit from the foundation.
“There will be no problem approving the plan because what the company wants to establish is a public social welfare foundation to make social contributions, not a foundation that will directly manage the facilities for the disabled and seniors,” the official said.
Jang Byeong-su, head of Lotte Group’s PR department, said, “Lotte Group already has its own social welfare foundation, but this one is different .?.?. President Shin personally wants to make contributions to locals in his hometown. There will be an official announcement soon about the foundation.”
By Lee Key-one [[email protected]]
with the Korea JoongAng Daily
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