In February, South Korean conglomerate Samsung Group said it would donate more than $800 million in corporate and private assets to charity as part of an apology for several scandals.Now, we have another massive ” donation” from Hyundai’s chairman & son:

Hyundai Motor’s chairman, Mr Chung Mong-koo and his son, Chung Eui-sun will donate $1.1 billion US worth of personal assets to the public amid a slush-fund scandal engulfing South Korea’s largest automaker.

“The Chungs “will donate all their personal shares in Glovis to society without any conditions … to assume the Hyundai’s social responsibility and ethnical duty.’’ The money will go to “social welfare foundations but did not specify the timing of the donation.” The Chung family holds a combined 60 per cent stake, or 22.5 million shares, in Glovis. The elder Chung holds a 28.1 per cent stake and his son 31.9 per cent. Their combined stake is valued at around 798.8 billion won ($846 million). The Chungs will use other assets if the value of the shares proves insufficient to meet the pledge at the time of the donation.

Further to my earlier article on victory of the “chaebol”, unless the South Korea Government were to institute strong proactive corporate governance coupled with necessary serious deterents against such “chaebol” illegal activities, the apology in the form of donations will incessantly be part of the news in the South Korean newspapers.