Booyoung Group Chairman Lee Joong-keun made an incredibly generous gesture by distributing over $100 million in cash and other gifts to the residents of his hometown and his former schoolmates. This act of benevolence showcases Lee’s gratitude towards the people of Unpyeong-ri, Suncheon, where he grew up. Each of the 280 households in the village received a cash gift of 100,000,000 won (approximately $70,000), regardless of whether they still lived there or not. Lee also extended his generosity to his former schoolmates, ensuring that they too received the monetary gift. Additionally, he contributed history books, toolsets, and other presents, with the total value of donations estimated to be around $180 million.
The primary motivation behind Chairman Lee’s donation was to express his appreciation to the community that supported and preserved his hometown. According to a representative from Booyoung, he purposely sought to keep this act of generosity out of the limelight. This selfless gesture exemplifies Lee’s humble beginnings and his deep gratitude towards the village that played a vital role in shaping his life.
Lee Joong-keun, now 82 years old, embarked on a successful career as a real estate developer, particularly in the apartment rental business, which catapulted him to become one of Korea’s wealthiest individuals. Booyoung Group, the company he chairs, flourished over time, expanding into various sectors such as hotels and golf courses. Today, it stands as the 22nd-largest conglomerate in Korea, with $16 billion in assets. Lee’s personal wealth exceeds $1 billion, solidifying his position amongst the country’s top 30 richest individuals.
Booyoung and Lee have earned recognition for their philanthropic endeavors even prior to this remarkable event. Last month, the company donated $7.6 million to an organization affiliated with Korea’s Air Force. Additionally, they have made significant contributions to charitable causes in Cambodia, Vietnam, and Laos.
It is worth noting that Lee has faced legal issues in the past, including evading taxes and embezzling company funds. Although he served time in prison, he has since been released on parole. However, he is currently prohibited from working for any public institution or affiliated entity for the next five years. This restriction means that Lee will not be able to assume leadership of Booyoung until early 2027, at which point he will be close to 87 years old.
Some critics speculate that Lee’s recent act of generosity may be a strategic move to secure a special pardon on Korea’s National Liberation Day, observed on August 15. Historically, the government has granted pardons to select white-collar criminals on this occasion. However, others believe that Lee is genuinely expressing his gratitude to his hometown and that his donations are not driven by ulterior motives.
Despite the speculation, it is evident that Lee’s recent actions demonstrate a genuine change of heart and a desire to give back. As the owner of a significant majority stake in Booyoung Group, he may also follow the common practice among top Korean conglomerates and pass the management responsibilities to his family in the future.
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