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Published by: dailynews
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Korean Billionaire Gives $70,000 To Each Household In His Hometown

Published by: dailynews
Published on:

A South Korean billionaire who served prison time for embezzlement and tax evasion gave more than $100 million in cash to residents of his hometown and alumni of its school.

Lee Joong-keun, chairman of Booyoung Group, a real estate development giant, gave cash gifts of 100,000,000 won (around $70,000) to each of the 280 households in the rural village of Unpyeong-ri, Suncheon, where he grew up about 180 miles south of Seoul.

People who attended the elementary and middle schools in the village with him were also gifted the money in the past month, even if they no longer lived there.

The 82-year-old billionaire also contributed gifts, history books, and toolsets. Including the cash handouts, the total donations are estimated to be around $180 million.

Read the full story on UPI News Korea here.