-Kia Automotive Group Chairman Chung Mong-koo has made another large installment payment on the 1 trillion won ($860 million) he promised to donate to charity in 2006, when he faced charges of embezzling corporate money and developing a slush fund to bribe government officials and businessmen.
Chung this week turned over 513,000 shares of Glovis Co. Ltd. to the Haevichi Social Contribution Committee he established in 2007. It is located in one of-Kia’s two headquarters buildings in Seoul.
Glovis shares were trading at about 117,000 won ($100) at the time, giving them a value of slightly more than 60 million won ($51,565).
Chung previously has made two installments totaling 90 million won ($77,350). He still has another 850 million won ($730,520) to go to fulfill his pledge.
Glovis, a major logistics and shipping company with subsidiaries all over the world, figured strongly in the Chung embezzlement and slush fund trial. It was at Glovis that prosecutors discovered a safe containing the slush-fund cash.