Hyundai Motor chief donates Innocean shares

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Hyundai Motor chief donates Innocean shares

Hyundai Motor Group said yesterday that Chairman Chung Mong-koo has donated all of his shares of Innocean, an advertising agency under the group, to the Hyundai Motor?Chung Mong-koo Foundation to support welfare activities.

The automotive group said Chung decided to give 360,000 Innocean shares, a stake of 20 percent, to the charity foundation he established in 2007.

Industry insiders estimate the value of donated shares at 100 billion won ($88 million).

This is the fifth time that Chung has donated personal assets to the foundation.

So far, the 75-year-old chairman’s contributions are valued at 650 billion won.

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